Citi gets bond settlement license

Citi (China) Co Ltd announced on Tuesday it has received approval from China's central bank to act as a bond settlement agent in the country's interbank bond market, thus becoming the first US-based bank to be granted a Type A Bond Settlement Agent license.

Citi has been trading in the China Interbank Bond Market for more than 10 years, and is currently one of the most active market makers.

Harry Peng, head of securities services for Citi China, said: "Combining our leading global emerging markets FX and rates trading franchise with our on-the-ground custody network in more than 60 markets, Citi will be able to deliver a complete front-to-back China fixed income solution through the life cycle of a trade, from research, sales and trading to custody, clearing and settlement."