Citibank to Assist Polish SEC With Series of Poland Securities Market Roundtables and Global Custodian Visits.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 9, 2000 Polish Securities Regulations and Best Market Practices in the Prominent Emerging Market to be Discussed With Major Global Custodians and Their Clients The Poland Securities and Exchange Commission (SEC) will be visiting global custodians in three U.S. cities to discuss, in a series of roundtables, proposed changes to Polish securities regulations, settlement challenges and other key securities infrastructure issues. Citibank Worldwide Securities Services (WWSS WWSS Worldwide Satellite Systems (US DoD contract vehicle) WWSS Warfare and Warfare Support System ), a unit of Citigroup's Global Corporate and Investment Bank, is hosting the Polish SEC and assisting with the organization of the visit. The roundtables begin in Boston on February 28, move to Chicago on March 1, and conclude in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of on March 2. &uot;Poland is considered a prominent emerging market and the Polish SEC has done a tremendous job building and managing the securities market there,&uot; says Neeraj Sahai, Managing Director, Cross-Border Custody, WWSS. &uot;Citibank has a long history of working collaboratively with regulators and governing bodies Noun 1. governing body - the persons (or committees or departments etc.) who make up a body for the purpose of administering something; "he claims that the present administration is corrupt"; "the governance of an association is responsible to its members"; "he around the globe. Because of our on the ground presence in 50 countries and our local market expertise, we are uniquely positioned to assist countries during the development and implementation of a securities market infrastructure. We are delighted to be working with the Polish SEC in its ongoing effort to create a model market.&uot; &uot;Since the introduction of the Warsaw Stock Exchange Warsaw Stock Exchange The major securities market of Poland. , the National Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. for Securities and the Polish Securities and Exchange Commission in 1991, Poland has developed into a thriving emerging market with a very sound market infrastructure,&uot; says Alexsander Chlopecki, Director and Head of Legal Department, Polish Securities and Exchange Commission. &uot;However, the Polish securities market is still very young and these roundtables provide a valuable opportunity to discuss with the major global custodians their experiences with securities regulations and best market practices in more developed markets.&uot; Citibank Worldwide Securities Services (WWSS) is a unit of Citigroup's Global Corporate and Investment Bank. WWSS serves global issuers, investors and intermediaries through the industry's largest proprietary network, spanning 50 countries. It currently provides securities services to more than 2,500 customers worldwide and has $3.9 trillion in assets under custody. WWSS is the industry's premier custodian of cross-border assets; top ranked global clearer and recognized leader in depositary receipt depositary receipt A negotiable certificate that represents a company's publicly traded debt or equity. Depositary receipts are created when a company's shares or bonds are delivered to a depositary's custodian bank, which instructs the depositary to issue services, and agency and trust services. The local presence of WWSS, supported globally by Regional Service Centers, ensures clients of consistent transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. worldwide, proprietary control of clearing cycles and reduced risk in all cross-border securities transactions. Citigroup (NYSE NYSE See: New York Stock Exchange : C), the most global 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, provides some 100 million consumers, corporations, governments and institutions in 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, 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. , Commercial Credit (now named CitiFinancial), and Primerica under Citigroup's trademark red umbrella. Additional information may be found at: www.Citigroup.com. |
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