Citi and UBS unite for unique post-trade JV

Rival international banks Citi and UBS have teamed up in a unique joint-venture to offer middle- and back-office post-trade services to broker-dealers across Asia-Pacific’s fragmented markets. The collaboration will see Citi’s securities services arm, which focuses on end-custody and clearing, partner the Swiss bank's brokerage business to provide a cost-saving services package. The collaboration, due to be announced today, will see UBS provide middle-office services including r…