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United States

At the risk of repetition , it would be impossible to mention the US in our Agent Banks in Major Markets survey without mentioning the successful transition to T + 1 . A hot topic of conversation throughout 2024 , the success over the last few months will undoubtedly see a knock-on effect around the world . As one panel member commented in a recent GC roundtable , when it came to T + 1 : “ Everybody was afraid that everything was going to fall and therefore I think everybody over prepared for the worst , we really went deep dive into every single process , every single step , ensuring everything was done properly in case something was happening .” In this year ’ s survey , the country still sits comfortably at Good in its overall score . In fact , the US has seen a rise in scores in consecutive years now , jumping from 4.91 in 2022 rising to 5.17 in 2023 , while this year ’ s overall average comes in at 5.38 .

BNY BNY has seen a significant improvement from last year with its score up by 58 basis points . Among a field of improved scores , the Pricing category registered the largest year-on-year increase for the bank , with an uptick of 1.20 . Only one category has seen a downward trend – Asset Safety and Risk Management – though still sits within the Good range . One client left constructive feedback for the bank , requesting an improvement in the speed in which the custodian responds to clients ’ emails . It would be remiss of us not to mention the fact that BNY recently hit
the milestone of $ 50 trillion in assets under custody and administration , a remarkable feat driven by a range of landmark deals in recent years .
Mitsubishi UFJ Trust and Banking Corporation ( MUFG ) Pricing is once again that has seen the largest uptick in ratings this year for MUFG . Rated as Good by clients , the bank has been referred to as “ excellent ”
USA
USA 2024
USA 2023
Global Average
Difference to Global
Account Management
5.40
5.53
5.83
-0.43
Asset Safety and risk management
5.54
5.64
5.73
-0.19
Asset Servicing
5.36
5.40
5.59
-0.24
Cash Management and FX
5.17
5.25
5.46
-0.29
Client Service
5.43
5.49
5.84
-0.41
Data Services
5.03
5.23
5.44
-0.41
Service Innovation
5.27
5.28
5.43
-0.16
Liquidity Management
5.03
5.10
5.41
-0.38
Pricing
5.41
5.11
5.20
0.21
Regulation and Compliance
5.36
5.45
5.57
-0.21
Relationship Management
5.76
6.50
6.15
-0.39
Securities Lending
5.02
4.25
5.17
-0.15
Technology
5.20
5.43
5.33
-0.12
Average
5.31
5.39
5.55
-0.24
50 Global Custodian Fall 2024