TURQUOISE CHOOSES CITI FOR CLEARING AND SETTLEMENT

Posted June 2, 2009

LONDON – Pan-European equity trading forum Turquoise has chosen the Global Transaction Services unit of Citi as a general clearing member and settlement agent for transactions executed via the newly established TQ Channel, which will provide centralized anonymous access to the non-displayed liquidity of a variety of liquidity partners.

“We are proud to provide Turquoise with solutions that will continue to help them remain innovative and efficient,” says Satvinder Singh, Managing Director and Head of Direct Custody and Clearing/Intermediaries in Europe, Middle East and Africa, at Citi. “Citi, being one of the largest providers of direct custody and clearing services in EMEA and globally, is committed to finding solutions that enable our clients to maximize opportunities presented by the changing European landscape.”

In August 2008, Citi launched its general clearing member services for European Central Counterparty Ltd. (EuroCCP), which now provides all clearing, settlement and risk management services to Turquoise inclusive of TQ Channel transactions, while Citi’s Global Transactions Services business is serving as EuroCCP’s settlement agent.

“The combination of Citi’s transaction services and the liquidity offered by Turquoise’s new aggregation service will ensure highly efficient and risk-mitigated trading, clearing and settlement on TQ Channel,” says Adrian Farnham, Chief Operating Officer, Turquoise.