Citi Securities and Fund Services, a division of Global Transaction Services, has expanded its arrangement with the Korea Securities Depository (KSD) to support the KSD's daily turnaround investment service to include the United States market.

Under the expanded agreement, Citi will provide securities settlement services for turnaround trades of the US market that are executed by securities firms and investors in Korea. The enhanced offering by the KSD marks the first time daily turnaround investment services are offered for securities firms and investors in Korea investing in the United States.

Lee Soo-Hwa, chief executive of the Korea Securities Depository, said: "Through our partnership with Citi, the KSD are responding to the requirements of Korean securities firms and investors, who are becoming more sophisticated with their offshore investments. We see the demand for daily turnaround investment services only expanding and we will be ready to respond to the demands of these investors."

The announcement builds on the first agreement in August 2008, where Citi supported the KSD's launch of daily turnaround investment services for the Hong Kong and Japan markets.

Citi is the only custodian bank to support KSD's daily turnaround investment services.