Mr Pekin said Proxymity was always envisaged as an industry-wide project rather than a Citigroup one. “This is an ecosystem,” he said. Jane Karczewski, head of global custody at HSBC Securities Services, said Proxymity “reduces operational inefficiencies” and would allow the bank to offer a better service to clients. Paul Conn, president for global capital markets at Computershare, said the fintech would “bring benefits to not just our corporate clients around the world, but to many of their investors globally, and to the industry as a whole”.

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