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SINGAPORE : The Singapore Exchange (SGX) on Tuesday said Citibank has become a new bank clearing member for the SGX securities market.
SGX rules allow Singapore-licensed banks regulated under the Banking Act to become a securities clearing member, derivatives clearing member and derivatives trading member.
The rules allowing banks to apply for securities clearing membership took effect in July 2008.
Banks therefore need not incorporate a separate company to apply for the respective memberships, thus allowing them greater capital efficiency.
Senior executive vice president & head of Markets at SGX, Gan Seow Ann, said Citibank will bring additional customer segments to the marketplace and this benefits customers by giving them wider choices of clearing and settlement services.
Following Citibank's admission, SGX has two banks among its 25 securities clearing members. - CNA/ms
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