Citigroup and DCC Establish New US Dollar Dealing Platform
Global Transaction Services, a line of Citigroup Corporate and Investment Banking together with the Depository Clearing Company, Moscow (DCC), have announced an agreement to jointly provide clients with US Dollar DVP for stocks traded on the RTS Exchange in Moscow. The service will involve a direct link between Global Transaction Services and DCC whereby Global Transaction Services will execute book entry cash payment instructions for its major clients for their settlement of RTS traded securities, and at the same time, the DCC will effect book entry securities settlements for the same clients. Final implementation is due by the end of 2006. This expanded service will provide clients with benefits such as, efficiency in the settlement of dollar traded RTS securities in the same currency, shorter settlement cycle and reduction of settlement fails.