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"Including Citi as part of our infrastructure allows us to access more markets," explains Claudio Garín, Business and Customer Experience Manager at DCV.
DCV became part of the regional custodians' system in a partnership with Citi Securities Services, one of Latin America's main service providers for securities depositories (CSDs).
Over the last seven years, Citi has played a key role in supporting crossed-listing programs of the CSDs in the main markets, including Brazil, Mexico, Chile, Colombia, Peru, and El Salvador, promoting intermediation activity in national capital markets and access to global securities.
DCV became part of this network, and Citi Securities Services will become an international securities custodian for the local market. The transition of the financial instruments took place successfully on May 26.
Through the large global network of Citi that comprises more than 100 markets, DCV will be able to provide its depositors more and better access to the global market. The extended relationship will allow the clients of DCV and its direct participants to leverage new services from segregated accounts, FED settlement, transactions clearing (intermediation), tax services (qualified intermediary), and American mutual funds investments.
"Including Citi as part of our Cross-border Custody infrastructure provides us access to more markets and broadens our value-added services offering for our clients. We also expect to achieve important short- and mid-term efficiencies through automated processes (STP) which translate into expediency, lower operational burden, and reduce potential errors," says Claudio Garín, Business and Customer Experience Manager at DCV.
"Expanding the relationship between Citi and DCV reflects the commitment of more than 30 years of Citi with the Latin American region and our experience in creating solutions to address the needs of central securities depositories," claims Ricardo Hesse, Director of Securities Services of Citi for Latin America.
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