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Portugal
In Portugal the CSD has begun implementing a new corporate action platform , including new web interface adding flexibility . The first stage of migration began in April 2024 , impacting fixed income , and it is expected to be completed by November 2024 . Other asset classes are expected to be impacted throughout 2025 . Meanwhile , in June 2024 the Portuguese Parliament approved a set of tax measures aiming to boost the development of the capital market in Portugal . These changes have not stopped our respondents rating this country as Good . Sitting just below the global average , there has been some improvement between 2023 and 2024 . Most notable is the improvement for Cash Management and FX , which has jumped up 0.14 . However , this is not the only category to see an upward shift – with five additional segments improving from last year and a further two remaining static .
BNP Paribas BNP Paribas reported that it is fully committed to the Portuguese market , and how “ in light of the current initiatives , we are working to improve our solutions to better respond to our clients ’ needs and the new market requirements ”. The bank will be improving upon a strong base , according to the results , with both Relationship Management ( 5.97 ) and Client Service ( 5.75 ) receiving the highest scores . In fact , clients are quick to praise the provider ’ s “ very competent and pro-active dedicated relationship manager ” while the client service team is also praised for its proactive approach . The real headline this year is Securities Lending ( 5.21 ) which has seen the largest uptick since 2023 , improving by 46 basis points . This will come as little surprise , with BNP Paribas having launched its investment project for Agency Securities Lending which the bank is pleased to announce “ has yielded great results ”.
Portugal |
Portugal 2024 |
Portugal 2023 |
Global Average |
Difference to Global |
BNP |
Account Management |
5.47 |
5.39 |
5.83 |
-0.36 |
5.66 |
Asset Safety and risk management |
5.29 |
5.41 |
5.73 |
-0.44 |
5.56 |
Asset Servicing |
5.31 |
5.23 |
5.59 |
-0.28 |
5.44 |
Cash Management and FX |
5.14 |
5.00 |
5.46 |
-0.33 |
5.38 |
Client Service |
5.61 |
5.61 |
5.84 |
-0.23 |
5.75 |
Data Services |
4.79 |
5.25 |
5.44 |
-0.64 |
4.98 |
Service Innovation |
5.17 |
5.10 |
5.43 |
-0.26 |
5.29 |
Liquidity Management |
4.95 |
4.96 |
5.41 |
-0.46 |
5.16 |
Pricing |
4.82 |
4.82 |
5.20 |
-0.39 |
5.01 |
Regulation and Compliance |
5.17 |
5.38 |
5.57 |
-0.40 |
5.25 |
Relationship Management |
5.87 |
5.83 |
6.15 |
-0.28 |
5.97 |
Securities Lending |
4.83 |
5.00 |
5.17 |
-0.34 |
5.21 |
Technology |
4.95 |
5.21 |
5.33 |
-0.37 |
5.48 |
Average |
5.18 |
5.25 |
5.55 |
-0.37 |
5.39 |
66 Global Custodian Fall 2024