Global Finance honors the financial institutions modernizing sub-custody.
Latin America
CITI LATIN AMERICA
In Latin America, Citi holds its leading market position for the eighth year on the strength of its proprietary custody platform, extensive regional footprint that covers six countries, and strong commitment to advancing market infrastructures across the region. With this powerful franchise, Citi is recognized as the country winner in Argentina, Colombia, Mexico, and Panama. The evolution of the securities-services infrastructure in Latin America is accelerating, and Citi serves as a critical resource through collaboration with regulatory bodies and market participants on significant industry developments. The bank is able to lead clients through the nuances of market development with valuable market intelligence.
In Brazil, Citi has a 30-year tenure and was the first bank to offer sub-custody services for international investors. Its extensive market expertise contributes to shaping the regulatory framework based on unique local market requirements and alignment with global best practices. Citi is a leading participant in the transition to a T+1 settlement cycle, targeting by February 2028. The bank has also engaged with regulators on issues related to tax structures applicable to foreign investors, remote voting for non-resident investors, and ISO standards for the transmission of corporate event messages to increase straight-through processing rates in Brazilian markets.
In Colombia, the bank aims to provide a seamless client experience with all post-trade services. The local team initiates these relationships with market-leading onboarding involving a streamlined process to quickly establish new clients by rapidly securing the required tax identification with the local authorities. Clients benefit from high straight-through processing rates through the Citi Velocity platform, which efficiently prematches transactions, and advanced connectivity with ISO 20022 global messaging standards.
Citi Mexico has partnered with the local central securities depository on the migration of the depository’s settlement system to a Nasdaq-based platform. Utilizing AI and cloud-based technologies, significant benefits include stronger operational resilience and security, faster processing speeds, detailed intraday trade transparency, and multicurrency capability.
With ongoing representation on behalf of global custodians and nonresident institutional investors, Citi Peru is a key participant in working groups for the nuam stock exchange integration that merges markets in Chile, Colombia, and Peru. The bank is an important resource for the formation of a central counterparty as part of Naum. Once complete, the Peruvian market will transition to a T+1 settlement framework.
