Citibank Live with Three Clients on Citibank CLS Settlement Services.Business, Banking & E-Commerce Editors STAMFORD, Conn.--(BUSINESS WIRE)--Nov. 6, 2002 Citibank e-Business, a division of Citigroup, the premier financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company (NYSE NYSE See: New York Stock Exchange :C), announced today that three clients are now live with Citibank(R) CLS (Common Language Specification) The structure and syntax of .NET and CLI programming languages. See .NET. (TM) Settlement Services. Three international financial institutions began live settlement of foreign exchange transactions on Monday, November 4, 2002 with the opening of Citibank Continuous Linked Settlement Continuous Linked Settlement (CLS Group Holdings AG and subsidiary companies) was created in September 2002 by a number of the world's largest banks, for the purpose of settling foreign exchange flows amongst themselves (and their customers and other third-parties). (CLS) Services to banking clients. These clients went live following the completion of over 10 weeks of thorough testing, trial processing and certification with CLS Bank and other individual participants. Monday represented the first time that third parties were allowed to submit and settle, on an unrestricted basis, their foreign exchange transactions through the CLS Bank infrastructure. "Opening to third party participation and going live with our clients allows CLS to become the mainstream settlement process for FX. It opens up CLS benefits to the entire FX interbank market Interbank market Financial institutions exchange of currencies between and among themselves. and not just to CLS Settlement Members," said Jack Jared, Global Financial Institutions Head for Citibank e-Business. Citibank CLS Settlement Services makes the CLS settlement process available to financial institutions who are not CLS Settlement Members thereby enabling them to significantly reduce settlement risk; streamline operations and gain efficiencies; gain access to available credit and counterparties; and reduce the cost of settlement and exception processing. Since the launch of CLS on September 9, Citibank has settled over 23,000 transactions totaling over US $350 billion in value through five Citibank branches involved in CLS settlement in London, Tokyo, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Singapore and Sydney. CLS is a trademark of CLS UK Holdings Ltd. About Citigroup Citigroup (NYSE:C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Banamex and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com. About Citibank e-Business Citibank(R) e-Business is a leading global provider of integrated cash management, treasury, trade finance and e-commerce solutions to multinational corporations
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