Sub-custody guide: UK

Sub-custody guide: UK

  • Export:

The UK market has undergone significant market and regulatory change during 2014. The most prominent change was the shortening of the trade settlement cycle for Crest instruments from T+3 to T+2 in October 2014, as required by CSDR.

From a product perspective, an increasing number of fund managers enabled settlement of their collective investment schemes in Crest. Regulatory developments included the AIFM directive, CRD IV (Capital Requirement Directive), Dodd-Frank and Fatca.

Uk 2015

“Looking ahead, the UK will continue to face further market and regulatory challenges including proposed changes to the Bank of England’s real time gross settlement (RTGS) infrastructure aiming to extend the Chaps and Crest settlement day, full dematerialisation of the market and UK banking reform regulation,” says Alistair Jones, head of custody Europe at HSBC Securities Services.

The UK was one of 22 markets in Europe to adopt a T+2 settlement cycle, which Julien Kasparian, head of sales and relationship management at BNP Paribas Securities Services describes as one of the most important initiatives in European securities markets since the euro conversion. 

  • Export:

Related Articles