Bursa Malaysia Picks Citi for Multi-currency Securities Platform
Bursa Malaysia Securities Clearing, a wholly-owned subsidiary of Bursa Malaysia Berhad, has appointed Citi Treasury and Solutions, a division of Global Transaction Services, to act as foreign currency settlement bank.
Citi will effect daily cash settlement for various foreign currencies between all clearing participants of Bursa Malaysia’s newly launched multi-currency securities platform.
This mandate establishes Citi as Bursa Malaysia’s sole foreign currency securities settlement bank. Initially, Citi will serve as settlement bank for five currencies, which will expand to include more currencies as the multi-currency securities platform evolves.
Chief executive officer of Bursa Malaysia, Dato’ Yusli Mohamed Yusoff, said: “The implementation of the multi-currency securities platform is an important milestone in positioning Bursa Malaysia as one of the region’s leading centres for fundraising, trading and investment. It gives us an added avenue to provide a wider range of options for investors. By partnering with Citi as the settlement bank, Bursa Malaysia anticipates the multi-currency securities framework to enable efficient cross-border listings and heightened integration with regional exchanges.”