Lon GormanCongratulates Citi for American Financial Technology Award

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Businessweekreports that Citi’s Client Money Segregation Platform has won “Best OTC Trading Initiative” at the 2012 American Financial Technology Awards. Financial technology expert and enthusiast Lon Gormanwelcomes new developments in his industry, and congratulates Citi on their win.

According to Businessweek, Citi has won “Best OTC Trading Initiative” at the 2012 American Financial Technology Awards for its Client Money Segregation Platform. The awards were hosted by Waters Technology, Buy-Side Technology, Sell-Side Technology, and Waters magazine. They recognize industry excellence in the deployment and management of financial IT within the wholesale investment banking community.

The award is given for the project that best improves over-the-counter trading capabilities and demonstrates proactive preparation for impending market changes.

“Citi’s new transparency reporting platform is an industry first,” says Citi’s Global Head of Futures and OTC Clearing, Jerome Kemp.“We are honored to receive this award. We take our responsibility in protecting our clients’ assets extremely seriously and believe that clients have a right to this level of disclosure. This initiative seeks to enhance confidence in Futures and OTC cleared markets by leveraging technology to lead the market toward a new standard of transparency in client asset protection.”

Lon Gorman, who currently serves on the Board of Directors of Lightspeed Financial, notes that Citi has made a variety of contributions to the financial technology industry. Lon Gorman finds this accolade to be a testament to Citi’s continuing commitment to the derivatives clearing business. Citi recently won “Client Clearing Provider of the Year” award from Asia Risk magazine, as well.

The Client Money Segregation portal isaccessible via Citi Velocity™. It gives clients access to segregated balances, trust bank distributions, and related regulatory reportingfrom a central location. In the U.S., the portal allows clients to view daily amounts of client funds in Segregated, Secured, and Sequestered accounts. It also allows them to see their respective breakdowns of securities and cash.

Christopher Perkins, Global Head of OTC Clearing, says “Citi’s reporting portal has been received favorably by U.S. Congressional staff, Regulators, and most importantly, our clients. This underscores Citi’s commitment to building client-centric technology solutions to help its clients prepare for the emerging regulatory environment.”

Presently, Citi is the only clearing member that provides this type of daily reporting to its clients that details collateral segregation processes for Futures and Cleared OTC products.

ABOUT:

Lon Gorman has served as an independent board member for Lightspeed Financial since 2010. He has served in leadership roles atprominent financial services and trading firms like Charles Schwab and Credit Suisse.

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