Citi Securities Services Evolution 2025

2 | Securities Services Evolution 2025 Contents Contents 2 Foreword 3 Executive Summary 4 Introduction 8 Methodology 9 What is driving the FMI agenda today? 10 T+1 goes global 18 Accelerating tomorrow: DLT and digital assets 22 Viewpoint: DeFi and Institutional Convergence 28 Gen AI: From client onboarding into the back office 32 2025 Around the world: what does this all mean for your region? 34 Conclusion 45 Acknowledgments 46 Contributors 47 Endnotes 48