Citi Securities Services Evolution 2025

Securities Services Evolution 2025 | 19 UK Market structure 17% UK Market infrastructures 51% UK Internal changes 32% Whilst this team includes CSDs (extended operating deadlines and operating hours for settlement infrastructure lead the FMI priority agenda at 29%), the need for FMI support extends beyond the traditional FMIs – and requires support from providers of allocation and confirmation matching and of securities lending and borrowing most notably. As we saw with the FX Continuous Linked Settlement (CLS) platform in the North American transitions, all profiles of market infrastructure play a foundational role in enabling T+1 and must be an active part of industry preparations. Figure 7: Key enablers for T+1 in the UK and Europe Market infrastructure activities are key to a smooth transition Improved operational processes (internally) Upgrading or re-platforming legacy technology (internally) Extended operating deadlines and operating hours for settlement infrastructure Introduction of market infrastructures to support trade allocation and confirmationmatching Improved lending and borrowing infrastructures across the market Introduction/extension of settlement optimization measures Changes to core payment and funding deadlines Introduction/extension of CSD links for cross-CSD settlements Standardization of corporate action and proxy messaging Harmonization of industry and regulatory standards 38% 43% 28% 26% 29% 29% 22% 19% 13% 16% 21% 15% 13% 13% 13% 11% 9% 9% 38% 38% Global average 76% Figure 6: The cumulative T+1 workload is huge Asset managers are most active with T+1 projects For T+1 in US/Canada For T+1 in Europe/UK For T+1 in other markets 60% 66% 64% 61% 40% 34% 18% 29% 20%20% Question: What types of project activity do youhave planned in2025/2026 to support T+1 processing in different markets? Expressed as: %of respondents by segment and T+1 zonewith active T+1 projects. Broker-dealer Assetmanager Bank Custodian Institutional Investor 40% 50% 36% 43% 40% EUMarket structure 16% EUMarket infrastructures 55% EU Internal changes 29% EUmarkets UKmarkets