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Spain
BNP Paribas Securities Services
Madrid was always a flagship operation in the BNP Paribas
network, and it collects a predictably impressive set of scores
from a large group of respondents. However, there is a touch of
the little girl with the curl about the averages. High levels of sat-
isfaction with account management, asset safety, client service,
risk management and compliance are offset by concerns about
price and choice in cash and FX, the valuation of collateral and
pricing structures (though not, oddly, pricing schedules).
Santander Securities Services
In its home market, Santander delivers the core services to a
high standard. Settlement is unproblematic and - the corporate
actions deadline apart – even asset-servicing receives unusually
high marks. Clients value the client service and feel that, if their
relationship with the bank is not yet a mutual admiration soci-
ety, it is healthy. Gripes about lack of choice and transparency
in cash and FX, and room for improvement in liquidity and col-
lateral management, are scarcely peculiar to Santander. Clients
think pricing could be lower if greater efforts were made, and
pricing models included incentives to be more efficient.
Deutsche Bank
Deutsche sees the TARGET2-Securities (T2S) settlement plat-
form as an opportunity to offer a new model of servicing across
the markets affected. If the basic requirement is to marry local
asset-servicing to pan-European settlement, the scores submit-
ted by clients of Deutsche Bank Madrid suggest that there is
work to be done on corporate actions, proxy voting, tax reclaim
and (to a lesser extent) income collection. There is praise for the
client service and regulatory engagement.
BBVA
A lack of respondents makes it difficult to gauge progress
after a good set of results last year. But those clients that have
responded indicate high levels of satisfaction in all areas except
the trickier aspects of asset-servicing (corporate actions and
tax reclaims) and pricing and pricing schedules. The RMs are
admired and so are the client service officers, whose otherwise
impressive performance is distorted by a single factor. A client is
grateful for “very professional and responsive support.”
Citi
As a major provider of direct clearing services, Citi was always
in the forefront of ameliorating problems encountered by clients
in a notoriously difficult market. Getting credit for that was nev-
er easy, and the limited number of responses submitted for this
year suggest the successful migration of Iberclear on to T2S has
made it no easier. Spain was one of the last markets to migrate to
T2S, and major reform of clearing, settlement and registration
are still not complete.
Société Générale Securities Services
A handful of responses are insufficient to justify a full assess-
ment but indicate excellence in the core services.
WEIGHTED AVERAGE SCORES
BNP Paribas Santander Deutsche Bank BBVA Société Générale Citi
Market share (% of responses) 41% 28% 15% 7% 7% 2%
Relationship management 5.97 5.26 5.41 n/a n/a Client service 5.83 5.94 5.85 n/a Account management 5.72 5.81 5.39 n/a Asset safety 6.16 6.01 5.62 Risk management 5.65 5.32 5.63 Liquidity management 5.21 3.78 Regulation and compliance 5.78 5.85 Innovation 5.93 Asset servicing 5.12 Pricing Technology Market Average Global Average
n/a 5.57 5.20
n/a n/a 5.87 5.40
n/a n/a 5.61 5.44
n/a n/a n/a 5.84 5.68
n/a n/a n/a 5.58 5.46
5.69 n/a n/a n/a 5.20 4.89
5.69 n/a n/a n/a 5.79 5.64
5.74 4.20 n/a n/a n/a 5.48 5.18
5.67 5.19 n/a n/a n/a 5.28 5.09
4.95 4.81 4.06 n/a n/a n/a 4.72 4.82
5.48 5.08 5.53 n/a n/a n/a 5.31 5.28
Cash management and FX 4.31 3.81 4.80 n/a n/a n/a 4.22 4.25
Total 5.52 5.48 5.30 n/a n/a n/a 5.42 5.24
96
Global Custodian
Fall 2018