Finance
Citi Shifts Working Hours, Enhances Platform Ahead of Settlement Cycle Change
- Some Asia staff are working Tuesday-Saturday to align with US
- Enhanced portal fully automates ETF process to minimize risk
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As Wall Street braces for the new era of faster settlement times across securities, Citigroup Inc.’s global custody business is leaving nothing to chance after taking measures to avoid failed trades ahead of the end-May deadline.
The firm has shifted the work hours of some of its staff in Kuala Lumpur to align with those in the US, Michele Pitts, head of North America custody product strategic initiatives at Citi Securities Services, said in an interview. It has also created a task force that will solely focus on the move to a one-day settlement cycle, a process also known as T+1.