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Citi To Begin Offering Direct Custody & Clearing Services To Clients In Norway

Citi (C) said that it will begin offering Direct Custody & Clearing or DCC services to clients in Norway, starting mid-November. The new offering expands Citi's proprietary DCC network to over 60 markets globally including 37 markets across Europe, the Middle East and Africa or EMEA.

DCC plays an integral role in the capital markets by providing clearing and settlement services for the trading and investing activities of broker dealers as well as offering local market sub-custody services to banks and global custodians around the world.

Citi noted that it will partner with Verdipapirsentralen ASA or VPS, the central securities depositary in Norway and will access VPS directly via its Dublin Head Office, facilitating use of Citi's Single Legal Vehicle (SLV) platform in Europe. SLV offers clients unparalleled direct access to key European locations, including the major TARGET2-Securities ("T2S") markets, via one single access point.

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