In 2010, the Nordic markets moved from bilateral settlement to central counterparty clearing. This required a huge development of new functionality by sub-custodians. With the environment already in flux, moving sub-custodians was not a priority for broker dealers. But, those that did move tended to shift from local to regional providers, which played to SEB’s strengths.
The group emerged number one in the clearing environment in terms of total market share, number of clients, number of venues and gross transactions cleared.
It won 82 mandates during the year across all four Nordic markets.
Custody was added to the SEB’s Benche community in June, giving custody professionals a forum to discuss execution and post-trade management, asset servicing, tax and technology reports, and updates on market infrastructure and risk management. The platform provided insight to new local, regional and international rules and regulations. It also offered daily custody-related news, webinars, country reports, analysis and experts’ blogs.
SEB was a firm favourite for the judges, who proclaimed, “it’s got to be SEB for this category”.
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