Custody Risk: How did you achieve a 40% increase in operating margin from 2009 to 2012?
Tom Zeeb: Most global custodians have to some extent cross-subsidised their businesses with interest income. When it disappeared in 2009 they found they were operationally in the red, but we’re one of the lowest-cost central securities depositories (CSDs) in Europe so we remained nicely profitable and achieved substantial efficiency gains. We went through an evaluation process and are in the final phase of a
The week on Risk.net, December 2–8, 2017Receive this by email