[ S U R V E Y | A G E N T B A N K S I N M A J O R M A R K E T S ]
Hong Kong
Providers in Hong Kong have this year scored an overall average rating of 5.57 , sitting in line with the global average ( 5.55 ). Excitingly this is a significant improvement on last year ’ s score – increasing by an impressive 0.30 decimal places . In fact , every category has seen an uptick in its ratings since 2023 . Outside of our survey results , Hong Kong appears to be establishing itself as one of the most forward-thinking markets for innovation , embracing concepts such as AI , tokenisation and other forms of digital assets . The Hong Kong Exchange itself also rolled out its settlement acceleration platform for Stock Connect in October 2023 . First announced back in 2020 the platform uses Daml smart contracts to standardise and streamline post-trade workflows , enhancing operational efficiencies and transparency whilst reducing settlement risks . The other big news out of Hong Kong this year was JP Morgan ’ s selection of HSBC as its sub-custodian after a ninemonth search process . Back to the survey scores and the most significant increase can be seen in Liquidity Management ( 5.55 ) which saw an upward trend of 46 basis points , followed by Relationship Management ( 6.14 ) which was up 0.40 and Account Management ( 5.89 ) with a rise of 0.38 . Taking a look at the overall scores , Relationship Management scored the highest with 6.14 , sitting in the Very Good range . This is followed by Account Management ( 5.89 ) and Asset Safety and Risk Management ( 5.79 ) both scoring Good . Securities Lending ( 4.98 ) has the lowest score , sitting just shy of the Good range . However , this segment has also seen an increase , up 0.35 decimal places on last year .
BNP Paribas BNP Paribas remains in the Good range ( 5.00 – 5.99 ) with an overall score of 5.28 , marking a slight downward shift from last year . Six of the 13 categories have seen an uptick in ratings since 2023 . This year there are three categories which share the highest marks – Account Management , Asset Safety and Risk and Relationship Management , each scoring 5.85 . Clients highlight BNP Paribas ’ attentiveness and speed in which it responds to queries and requests . Three categories sit at Satisfactory ( 4.00 – 4.99 ) this year . Pricing ( 4.25 ) and
Securities Lending ( 4.11 ) remain in the same bracket as 2023 , and are this year joined by Regulation and Compliance ( 4.60 ) which has fallen 0.49 decimal places in the last 12 months . Despite these scores , clients appear to be content with the service they receive from the custodian , with some commenting that the pricing is “ fair ”. In terms of areas for potential improvement , one client suggests that a more regular review process would be beneficial .
DBS Bank With an overall average score of 5.89 , DBS Bank is sitting at the top-end of the Good range . Asset Safety and Risk Management and Regulation and Compliance score the highest with 6.07 and 6.02 , respectively , with the bank praised for its “ security system ” and “ high quality and continuous monitoring ”. While Securities Lending has the lowest score , it is still rated firmly at Good ( 5.72 ). While DBS ' overall average has fallen once again , the most significant decline is for Relationship Management , falling 50 basis points since 2023 . Speaking to Global Custodian , DBS Bank said it is feeling optimistic with regards to the landscape , highlighting how
Hong Kong |
Hong Kong 2024 |
Hong Kong 2023 |
Global Average |
Difference to Global |
BNP Paribas |
Account Management |
5.89 |
5.51 |
5.83 |
0.06 |
5.85 |
Asset Safety and risk management |
5.79 |
5.55 |
5.73 |
0.06 |
5.85 |
Asset Servicing |
5.50 |
5.33 |
5.59 |
-0.09 |
5.50 |
Cash Management and FX |
5.51 |
5.19 |
5.46 |
0.04 |
5.45 |
Client Service |
5.75 |
5.54 |
5.84 |
-0.08 |
5.80 |
Data Services |
5.46 |
5.31 |
5.44 |
0.02 |
5.60 |
Service Innovation |
5.44 |
5.12 |
5.43 |
0.01 |
5.30 |
Liquidity Management |
5.55 |
5.08 |
5.41 |
0.13 |
5.20 |
Pricing |
5.25 |
5.03 |
5.20 |
0.04 |
4.25 |
Regulation and Compliance |
5.64 |
5.34 |
5.57 |
0.08 |
4.60 |
Relationship Management |
6.14 |
5.73 |
6.15 |
-0.01 |
5.85 |
Securities Lending |
4.98 |
4.63 |
5.17 |
-0.19 |
4.11 |
Technology |
5.46 |
5.15 |
5.33 |
0.14 |
5.25 |
Average |
5.57 |
5.27 |
5.55 |
0.02 |
5.28 |
70 Global Custodian Fall 2024