Citi Clears First Trades on New York Portfolio Clearing (NYPC) with BlackRock

Citi, a global leader in central clearing, announced today that it has begun clearing trades on New York Portfolio Clearing (NYPC), a joint venture of The Depository Trust and Clearing Corporation and NYSE Euronext. Citi cleared trades executed on NYSE Liffe U.S. for BlackRock, a leading asset management, risk management and advisory services firm managing more than $3.6 trillion for institutional and retail clients worldwide.

As a derivatives clearinghouse, NYPC is designed to deliver “one-pot” margining of futures positions cleared by NYPC, with fixed-income cash positions cleared by The Depository Trust and Clearing Corporation’s Fixed Income Clearing Corporation (FICC).

“We are pleased to welcome Citi as a clearing member,” said Tom Callahan, CEO, NYSE Liffe U.S. “We are committed to ensuring that Citi and its global customers always receive an exceptional combination of value-added order executions with unique clearing efficiencies when trading on our market and clearing on NYPC.”

Supurna VedBrat, Managing Director and Co-Head of Electronic Trading and Market Structure at BlackRock said, “BlackRock supports transparency and competition in the marketplace and we are pleased to partner with Citi on NYPC. Additionally, we will continue to work with clearing members and clearing houses in the construct of streamlined, automated and capital efficient central clearing solutions.”

Jerome Kemp, Global Head of Exchange Traded Derivatives Sales and Clearing at Citi said, “Citi is strategically focused on providing our clients with comprehensive and agnostic connectivity to viable ETD and OTC central clearing houses throughout the world. Clearing trades on NYPC supports this strategic vision, and we recognize and appreciate the focus on capital efficiency with this solution.”

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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