🏂 Wrapping up 2024

📰 Welcome to the Newsletter

Good morning, at Global Custody Pro we track what's happening in global custody, clearing, payments, and digital assets. We filter through industry news to bring you what matters most in clear language.

Thanks for your support and thoughtful replies in 2024, we look forward to covering the dynamic global custody industry in 2025 and beyond. Reply to this email and let us know if there’s a custody, clearing, payments or digital asset topic you’d like us to cover next year.

🌏 Global Custody News

• The Bank of England released its first annual report on the supervision of financial markets infrastructures. The report is the first after the BoE were given stronger powers under the Financial Services and Markets Act 2023 (FSMA 2023). This week we wrote about what market infrastructures are. The report is a worthwhile exploration of the UK FMI landscape and highlights how complex the regulatory environment has become for both regulated and regulators alike.

• Credit Agricole S.A. has signed an agreement to acquire 30.5% of CACEIS from Santander, taking its ownership of the firm to 100%. CACEIS reported assets under custody of EUR5,016 billion and assets under administration of EUR3,386 billion in its most recent quarterly earnings with net income of EUR74mn for Q3 2024.

• Colin Parry has decided to retire as CEO of industry group ISSA from May 2025. He announced the move in the final ISSA newsletter of 2024. The International Securities Services Association is a key industry group and was established in 1979. Its membership includes most key firms in the global post trade industry such as custodians, CSDs and technology vendors.

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🚀 Digital Asset News

• Dekabank was issued a “Kryptoverwahrgeschäft” or Crypto Custody License by German regulators BaFin and the European Central Bank (ECB) from 16th December 2024. This license is part of the German Banking Act that governs the need for a license to perform these activities. Dekabank secured a “Kryptowertpapierregisterführung” or Crypto Securities Registry license earlier in 2024.

• Crypto.com has announced it has formed a US Trust Company as part of its strategy to offer digital asset custody services to US and Canadian entities and high-net worth clients. They recently made news for suing the SEC for their approach to regulation of crypto in the USA.

• The Bank of England is consulting on firm’s exposure to crypto assets as part of understanding how regulated firms are applying Basel crypto asset exposure rules to their crypto related activities. Submissions are due 24 March 2025, and further changes to the regime are likely with further Basel technical changes proposed to start from 1 January 2026.