‘Bye, bye SAB 121! It’s not been fun’: Controversial crypto regulation axed by SEC
The rescission will be music to the ears of traditional custodians, which have been vociferously opposed to the directive since it was issued in March 2022.
News
U.S. Bank adds new fund services strategy head from State Street
Former State Street and BBH funds specialist joins growing U.S. Bank fund services team.
EU watchdogs launch new governance structure to support T+1 transition
The move is set to support the shift to T+1 through overseeing and managing the key elements of the transition, currently set for October 2027.
State Street hires new NA head of Investment Services from HSBC
Based in Boston, the new appointment will report to Joerg Ambrosius, president of the Investment Services unit.
Northern Trust’s asset servicing revenue hits record high of $2.6bn in 2024
The firm’s AUC/A falls 4% to $16.7 trillion, with decline in line with trend seen across other providers.
Eurex, HQLAx, Clearstream, and JP Morgan unite for DLT collateral launch
The initiative is being developed in partnership with HQLAx and Clearstream, with JP Morgan set to serve as the pilot clearing member.
Switzerland confirms October 2027 move to T+1 in alignment with EU
October 2027 date is set to be the consensus between the EU, Switzerland and the UK.
‘Big four’ custodians post record revenues in 2024 as infrastructure upgrades bear fruit
Citi leapfrogs JP Morgan’s annual revenue total for the first time, while State Street posts largest AUC/A year-on-year growth.
People Moves
Citi’s global head of securities services Okan Pekin announces exit
Industry legend and Global Custodian’s 2022 Lifetime Achievement Award recipient is departing after more than three decades with the firm for new opportunities.
Clearstream enables US proxy voting via Proxymity
The market infrastructure provider becomes the latest in a long list of financial services providers to sign up to Proxymity’s services.