Sub-custody guide: Spain

Sub-custody guide: Spain

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Spanish banks are reviewing their network management strategies, which range from examining their existing correspondent and custodial bank relationships to looking at proprietary processes and deciding which non-core functions could be managed in a cost-efficient but risk-averse manner by a third party. BBVA Institutional Custody refers to the decoupling of liquidity services from pure custody.

Questions remain on where custody can be core to future business models in the face of continuing economic uncertainty, increased regulation and supervision and price compression pressures, says José Maria Alonso Gamo, managing director RBC Investor & Treasury Services Spain.

Spain 2015

“With continued volatility in the equity and FX markets, increasing demand for improved technology and demand for balance sheets to be bolstered, we may yet see further consolidation of custodial activity and on the number of providers in the market.”

Market reform in Spain is picking up speed to ensure that the market conforms to Emir, pre-T2S settlement scenarios and corporate action harmonisation, as per the output from the CAJWG (Corporate Action Joint Working Group), adds Alvaro Camunas, head of Spain, Portugal and Latin America for BNP Paribas Securities Services. 

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