Citi and UBS combine to offer post-trade solution to Asia-Pacific broker-dealers
07 November 2012
By Asia Asset Management
Citi has announced a combined service offering that provides a comprehensive post-trade solution to broker-dealers in the Asia Pacific region. The partnership brings together the operational expertise and scale of both Citi and UBS to provide middle office, back office, clearing, asset servicing and custody capabilities to those broker-dealers seeking to minimize costs, while retaining operational flexibility.
The post-trade solution enables broker-dealers to focus on their core business and allows them to expand regionally without the fixed costs associated with maintaining operational infrastructure. Citi and UBS believe the cost pressures and regulatory change facing broker-dealers challenge the existing self-servicing model and present an immediate and unique opportunity to transform the post-trade landscape in the Asia Pacific.
“Firms are increasingly having to review their operating options given the extreme pressure on cost bases and a regulatory environment that is highly challenging and rapidly evolving. UBS believes that this will drive a preference for buying expertise to service business rather than developing processes and technology in-house which require significant investment and lead to an unsustainable level of fixed costs”, said Andrew Murfin, regional head of UBS’s group operations.
“UBS and Citi’s recognised and proven capabilities in middle, back office and custody offers potential clients the ability to leverage the high quality technology, operating infrastructure and market expertise offered by both parties,” he continued.
David Russell, regional head, Asia Pacific, securities and fund services, Citi Transaction Services, added: “Citi is pleased to be working with UBS on this market-leading solution for the region. The collaboration reinforces our commitment to our clients, by continuously expanding our solutions to meet their evolving needs, as well as our commitment to the industry, by working with select partners to build operational infrastructures to better serve market participants.
“This solution is more relevant than ever and we are excited about being the first to offer a comprehensive post-trade solution in Asia Pacific.”
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