Citi wins Bursa Malaysia settlement mandate

Bursa Malaysia has appointed Citi as the sole foreign currency settlement bank for its new multi-currency securities platform, according to a press release issued yesterday.

The US bank will settle all foreign currency-denominated securities trades on the Malaysian stock exchange's new platform over its CitiDirect e-banking platform. Initially only Australian dollars, euro, Singapore dollars, US dollars and yen will be available, although Citi expects to expand its currency offering to the stock exchange on a needs basis.

The implementation of the multi-currency securities platform is an important milestone in positioning Bursa Malaysia as one of the region's leading centres for fund-raising, trading and investment, said Yusli Mohamed Yusoff, chief executive of the stock exchange....