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The securities custody industry

Author

Listed:
  • Diana Chan
  • Florence Fontan
  • Simonetta Rosati
  • Daniela Russo

Abstract

Custody is, in essence, a service consisting in holding (and normally administering) securities on behalf of third parties. In step with the growth of sophisticated financial markets, custody has evolved into a complex industry no longer characterised by physical safekeeping but by a range of information and banking services. Given the multi-tier structure of the industry, custody services are provided by a variety of intermediaries. This paper describes the development of the custody industry and the structure of the custody services market. It also discusses the risks involved in custody and the challenges the industry is facing, particularly in the European context. JEL Classification: G15, G21, L22.

Suggested Citation

  • Diana Chan & Florence Fontan & Simonetta Rosati & Daniela Russo, 2007. "The securities custody industry," Occasional Paper Series 68, European Central Bank.
  • Handle: RePEc:ecb:ecbops:20070068
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    File URL: http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp68.pdf
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    Cited by:

    1. Kauffman, Robert J. & Liu, Jun & Ma, Dan, 2015. "Innovations in financial IS and technology ecosystems: High-frequency trading in the equity market," Technological Forecasting and Social Change, Elsevier, vol. 99(C), pages 339-354.

    More about this item

    Keywords

    Custody industry; securities settlement; systemic risk; custodian banks; global custodians.;

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

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