Clearstream stands as the sole central securities depository to partake in the initial phase of the trials, involving all three of its CSDs: the German, Luxembourg, and international CSD.
This innovation by Apex will allow global private market funds to reach a broader and considerably larger base of qualified investors.
HSBC’s global head of custody, Suvir Loomba, takes stock on the tremendous growth seen in the Asian securities services market, examining the enhanced interoperability in the region, the challenges yet to be overcome, and the fine balance between competition and co-operation.
This week’s fund services round-up features: Apex, Citco, Centralis, Yealand Fund Services, The Maples Group, and Ultimus Fund Solutions.
The letter lists challenges and opportunities found during the first year of application which include innovative solutions for cash settlement, custody through self-hosted wallets, interoperability and more.
Two key market players are set to support the service from its launch, anticipated in Q3 2024, adding to the likes of BNY Mellon, Citi and JP Morgan who are already behind the initiative.
Another client win for Citi comes from NAB Asset Servicing’s exit in the Australian custody market.
Initially launched to support securities markets in EMEA, DTCC aims to expand access of the new functionally to other markets in the future.
The notable rise in both value and volume settlement efficiency rates throughout 2023 indicted that the penalties outlined in the Central Securities Depositories Regulation (CSDR) are proving effective.
The custodian will provide a full suite of administration, fund accounting and ETF services as part of the mandate.