[ D E P A R T M E N T | H E D ]
Canada
Canada now operates within a T + 1 settlement window , in line with its North American counterparts . One of Canada ’ s leading providers CIBC Mellon highlighted how the shortening of the settlement cycle “ reflected a concerted effort to align with global best practices and standards ”. Much of the success has been attributed to custodians like CIBC , along with industry associations and , of course , the infrastructures driving the transition . While T + 1 has been the hot topic throughout the financial sector , Canada has also seen the Canadian Investment Regulatory Organisation ( CIRO ) proposing significant amendments to the short selling framework under UMIR back at the beginning of 2024 . Then in February 2024 , CIRO proposed revisions to securities lending regulations in Canada , looking to tackle issues regarding disclosure , collateral rules , asset use , record-keeping , and audit provisions .
CIBC comments that “ Canada remains a complex market with numerous regulatory bodies and evolving requirements for participants ”.
Despite the market upheaval , Canadian providers still scored higher than the global average in this year ’ s survey and have seen a significant improvement from their 2023 score . Securities Lending ( 5.63 ) beat the global average by 46 basis points , while Relationship Management ( 6.35 ) received the highest rating – with a string of positive comments accompanying the score .
Following on from the successful adoption of T + 1 , there is more technological advancements on the horizon for the market . CIBC Mellon reported that it is “ in the midst of a multi-year programme to modernise its technology across the spectrum of its products and services ” which
includes , but not limited to , converting the GSP custody platform to enhance cash and securities capabilities to support both the business and its clients . Of course , CIBC Mellon is not the only provider in Canada making waves when it comes to Technology , while UBS also scoring highly in the category . As CIBC Mellon commented , it is “ pleased to champion Canada ’ s innovative market environment and players on the global stage ”.
Canada |
Canada 2024 |
Canada 2023 |
Global Average |
Difference to Global |
Account Management |
6.08 |
4.97 |
5.83 |
0.25 |
Asset Safety and risk management |
5.68 |
5.15 |
5.73 |
-0.05 |
Asset Servicing |
5.67 |
4.96 |
5.59 |
0.08 |
Cash Management and FX |
5.54 |
4.70 |
5.46 |
0.07 |
Client Service |
5.89 |
5.00 |
5.84 |
0.05 |
Data Services |
5.21 |
4.91 |
5.44 |
-0.23 |
Service Innovation |
5.08 |
4.77 |
5.43 |
-0.35 |
Liquidity Management |
5.46 |
4.83 |
5.41 |
0.05 |
Pricing |
5.15 |
4.61 |
5.20 |
-0.05 |
Regulation and Compliance |
5.79 |
4.96 |
5.57 |
0.22 |
Relationship Management |
6.35 |
5.43 |
6.15 |
0.20 |
Securities Lending |
5.63 |
5.20 |
5.17 |
0.46 |
Technology |
4.98 |
4.85 |
5.33 |
-0.34 |
Average |
5.58 |
4.95 |
5.55 |
0.03 |
48 Global Custodian Fall 2024