China: Citibank(China) Co. Ltd. (“Citi China”) has received approval from the Shanghai Futures Exchange (SHFE) and International Energy Exchange (INE) to act as a Futures Margin Depository Bank(FMDB) for its Qualified Foreign Investor (QFI) clients to trade commodity futures on the SHFE and INE. Citi is the first American bank to receive this approval.
“The relaxed QFI regulation provides exciting new ways for global investors to participate in China’s capital markets. With this newly added capacity to serve as a futures margin depository bank, Citi China is well positioned to offer a best-in-class platform for our clients globally and help them navigate and capitalize on these tremendous opportunities in the ongoing opening-up of the Chinese capital markets,” said Christine Lam, Chief Executive Officer of Citi China.
“The strength of our custody business lies in our ability to deliver local solutions and proactive engagement to expand offering as new products are enabled. Our in-depth understanding of the market, client-centric mindset, and heightened engagement with market infrastructures has helped us gain approvals from SHFE and INE, reinforcing Citi’s position as one of the top custodians in China,” Aditya Sharma, Citi’s Asia Pacific Head of Custody, commented.
Citi continues to expand its product offering to support the emerging needs of clients as opportunities emerge and has been building its product and service offerings in China. Citi has invested significantly in its Securities Services operations in Shanghai and plans to continue building up its local capabilities to meet clients’ increasing demand in China.
Citi has been a leading custodian services provider in China for Qualified Foreign Investors (QFI) and has more than 20 years of experience in China’s capital market cross-border custody services, having witnessed the opening up of China’s capital markets. Citi is one of the few banks that can offer a complete end-to-end solution to international investors investing in China, whether it’s through equity or fixed income, directly(QFII, RQFII, and CIBM direct scheme) or via Hong Kong(Stock Connect and Bond Connect), from trading and research to custody, clearing and settlement. Citi has the complete set of licenses and capabilities in China to enable these transactions on the ground.
With over US$27.8 triIIion1 of assets under custody and administration and the industry-leading proprietary network spanning over 63 markets, Citi Securities Services provides clients with extensive on-the-ground local market expertise, advanced processing technologies, customized data solutions, and a wide range of custody and fund services that can be tailored to meet clients’ needs.
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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.
About Citi China
Citi first established an office in China on May 15, 1902, in Shanghai. In April 2007, Citi was among the first international banks to locally incorporate in China. Citi’s locally incorporated entity is known as Citibank(China) Co., Ltd., which is wholly owned by Citibank N.A. Today Citi is a leading international bank in China with a footprint in twelve cities across China.