Tradition London Clearing mandates Deutsche Bank for custody and settlement services in the Turkish market
As the Covid-19 pandemic continues to impact on the provision of liquidity to securities market participants, Deutsche Bank has stepped in to partner with Tradition London Clearing, to support the broking firm’s institutional clients with custody and settlement services in the Turkish market for fixed income securities. Despite the challenges of split site working, Tradition is now live and settling trades with Deutsche Bank in Turkey
Tradition is the interdealer broking arm of Compagnie Financière Tradition and one of the world's largest interdealer brokers in over-the-counter financial and commodity related products. Represented in over 29 countries, Compagnie Financière Tradition S.A. is listed on the Swiss stock exchange.
Hakan Ulutas, Head of Securities Services, Turkey at Deutsche Bank Corporate Bank, said: “We are pleased to support our clients as Covid-19 regulatory changes continue to impact liquidity and split working across many firms continues. The fact that we are managing to on board new institutional clients to our custody and settlement platform speaks volumes about our operational resilience to ensure business as usual. We welcome Tradition London Clearing as a client to Deutsche Bank Turkey and look forward to building the relationship out globally”.
Tristan de Saint Ouen, CEO of Tradition London Clearing, said: “We are pleased to re-establish a relationship with Deutsche Bank in the Turkish market. Deutsche Bank stood out as a provider that was willing to go above and beyond to support our business in challenging market conditions”.