Citi Securities Services selected by the Taiwan Depository & Clearing Corporation (TDCC) for Global Custody Services

Citi Securities Services has been selected by the Taiwan Depository & Clearing Corporation (TDCC) to provide global custody services as the latter implements a new centralized custody platform in the market.

TDCC’s centralized custody platform is being developed in accordance with an amendment by the Financial Supervisory Commission to improve asset safety for local investors holding overseas investments via local brokers. In Taiwan, sub-brokerage is one of the fastest growing areas in the local financial market. Local brokers will hold clients’ overseas investments with the TDCC on the back of the new centralized custody platform.

According to the Taiwan Securities Association[i] ,from January to May 2024, local sub-brokerage transactions totalled NT$2.9 trillion (~US$89 billion), a year-on-year increase of more than 60 percent as retail investors’ interest in overseas investments continues to increase. Citi will support investment flows on TDCC’s platform by leveraging its global custody network of over 100 markets, including its leading proprietary sub-custody network of 63 markets which covers 95% of the world’s market capitalization.

“Citi is committed to supporting the continuing liberalization and internationalization of Taiwan’s capital markets and we are honored to partner with the TDCC to establish the new centralized custody platform. With the strength of our network and local expertise, Citi is uniquely positioned to support clients across the entire investment lifecycle,” said Hsiao-Chi Wang, Head of Citi Taiwan Securities Services.

Citi’s role in support of the TDCC’s centralized custody platform draws from its experience in supporting Financial Market Infrastructures worldwide including in Asia to enhance local securities services ecosystems for investors and facilitate connectivity to global flows.

David Brown, Head of Securities Services for Japan, Asia North and Australia, Citi, said, “We are pleased to be supporting the TDCC on this significant initiative as we support Financial Market Infrastructures in the region and beyond to facilitate investment flows and the ongoing development of local securities markets. By running the largest securities services network worldwide, we continue to deliver Citi’s global capabilities coupled with market-specific insights to our clients.”

Bing-huei Lin, Chairman of TDCC, said, “We have been providing cross-border custody services for foreign securities since 2015, with nearly NT$5 trillion or approximately US$153 billion in foreign securities under custody at present. Our goal is to ensure asset safety for local investors and create a standardized and automated operating environment in collaboration with Citi and other global custodians.”

In Taiwan, Citi’s multiple award-winning franchise has the largest market share in sub-custody with expertise in a full range of services including securities settlements, asset servicing, fund services and proxy services, among others.

With a focus on enabling the investment process and approximately US$24 trillion[ii] in assets under custody and administration, Citi Securities Services goes beyond borders to holistically support securities activity wherever clients need us.

Our integrated suite of services, across Custody, Execution, Fund and Issuer Services, and advanced data capabilities, connects and serve clients across the entire trade and investment ecosystem. With a leading proprietary network and universal banking capabilities, we combine the right fit of solutions to help grow our clients’ business into the future.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.  

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Media Contacts

Harsha Jethnani                    harsha.jethnani@citi.com                                                      +65 6657 4892
James Yang                           james1.yang@citi.com                                                           +886 28726 9682