Mediobanca Appoints Citi as General Clearing Member and Settlement Provider
Mediobanca, an Italian investment bank, has appointed Citi’s Global Transaction Services business to provide all clearing and settlement functions including the support of the newly introduced Eurex net settlement service in Germany. This is the first step taken by Mediobanca accessing international exchanges. This win by Citi is the first for the recently created GTS derivatives clearing platform, which is designated to Citi’s client’s activity.
Recently, Mediobanca became a direct trading member of Xetra, a cash equity platform of Deutsche Boerse, and Eurex, the German derivatives exchange. As a result of these new ventures, Citi has been selected as general clearing member (GCM) at Eurex Clearing, as well as the settlement agent at Clearstream Banking Frankfurt.
Gian Lorenzo Trapassi, head of operations, Mediobanca, said: “We are very pleased to have Citi as our new general clearing member and settlement provider and are looking forward to developing a strong working relationship with Citi. As we continue to expand our global footprint and widen the scope of services, we look to Citi as a partner in growth and provider of innovative and efficient solutions.”