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EDITORIAL
Special Projects Editor RICHARD SCHWARTZ Tel : + 44 ( 0 ) 20 7397 3816 richard . schwartz @ globalcustodian . com
Managing Editor JONATHAN WATKINS Tel : + 44 ( 0 ) 20 7397 3815 jon . watkins @ globalcustodian . com
Deputy Editor CHRIS LEMMON Tel : + 44 ( 0 ) 20 7397 3810 chris . lemmon @ globalcustodian . com
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Head of Design STEPHAN SLATER Tel : + 44 ( 0 ) 20 7397 3825 stephan . slater @ globalcustodian . com
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Advertising Director DALJIT SOKHI Tel : + 44 ( 0 ) 20 7397 3809 daljit . sokhi @ globalcustodian . com
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a Global Custodian publication
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Pressed for time
As a non-golfer , I may be misappropriating this analogy , but securities market executives these days will be hard pressed to find time for a day on the links . Several concurrent challenges are facing the industry , some with looming deadlines and most of them reflected in this year ’ s Sibos conference agenda in one guise or another . The Global Custodian team is once again present at the event with two publications – our quarterly magazine and Securities Review . The issues covered by the securities track of the Sibos conference agenda are the bread and butter of Global Custodian and as such are covered on an ongoing basis in our magazine and on our web site . This issue of Securities Review is designed both to offer our perspectives on the issues to be discussed and to serve as a primer for those looking for an industry “ state of play ”. Ultimately , many , if not most , of these issues will have an impact on how custodians manage their global relationships and as a result network managers can expect to find themselves having to pull several rabbits out of several hats . Our first article looks at the nature of that challenge . It is followed by a guest contribution from SIX Group offering a different – possibly complementary – take on how custodians should be thinking about their global network coverage . Not surprisingly , the introduction of T + 1 in North American markets is top of mind for many securities participants , not least those from other time zones . We survey the state of readiness – not entirely optimistically . Three issues that have been gaining in public profile over the past few years – tokenisation , regulation of digital assets , and ESG – are on this year ’ s agenda and in this issue of Securities Review . Like you , we look forward to hearing how the debate has advanced , both within and beyond the conference halls . Enjoy the week !
© Tungsten Publishing 2023
No part of this publication may be reproduced , in whole or in part , without written permission from the publisher . No part of this publication may be reproduced , in whole or in part , without written permission from the publisher .
Richard Schwartz Special projects editor
Global Custodian
NETWORK MANAGEMENT
04 So what ’ s new ?
How are network managers at custodian banks dealing with the demands of the day ?
THOUGHT LEADERSHIP
09 The benefits of direct access to a CSD
SIX Group explores the options available for cross-border access to market infrastructure
SETTLEMENT
10 The long road ahead to T + 1
How is the industry responding to the SEC ’ s chosen implementation deadline ?
TOKENISATION
16 What is tokenisation REALLY good for ?
What are the concrete applications for tokenisation in capital markets at a wholesale or institutional level ?
REGULATION
20 The EU takes aim at crypto
ESG
Securities Review looks under the hood of the new MICA regulation .
24 Harmonising ESG protocols
Lessons from The Network Forum AGM
Q3 2023 SecuritiesReview . com 3