Citi Thailand has been appointed by the Stock Exchange of Thailand to serve as a settlement bank for its 39 clearing house members. The net settlement value of securities clearing and settlement on the Exchange in 2008 was about $18.4 billion.

Citi is the first foreign bank to be appointed by the Stock Exchange of Thailand to facilitate the settlement role. Other settlement banks are Siam Commercial Bank, Bangkok Bank and Krung Thai bank.

In Thailand, all clearing members must use an appointed settlement bank to settle cash payment for all securities trades transacted on its exchanges. To qualify as a settlement bank, banks must not only provide a strong cash management infrastructure (a secure and high-end technology platform) but also demonstrate a long-term commitment to the capital market and clients.

Citi will extend its CitiDirect technology platform to the clients of brokers and sub brokers who use Citi as a custodian bank or for back office settlement processing, providing them with online access to transactions and reports.

"The addition of Citi as our fourth settlement bank will provide more benefits for our clearing house members," said Sopawadee Lertmanaschai, chief marketing officer, market & post-trade services for the Stock Exchange of Thailand. "Citi will enhance clearing system reliability and support for the Thai capital market. Not only does Citi bring a lot of experience it is also financially strong and meets SET requirements by having a reliable operating system amongst a number of other criteria."

	PRINT THIS ARTICLE
	E-MAIL THIS ARTICLE

Past Issues Subscribe Past Issues Subscribe Past Issues Subscribe