Citi Securities Services Evolution 2025

4 | Securities Services Evolution 2025 Executive Summary The Securities Services Evolutionwhitepaper series has been providing industry-led insights on the key themes that underpin our industry’s development for the last five years. In this latest edition, we leverage this continued perspective to explore how the trends that shape our industry have evolved – andwhere they look set to continue in the near future. This year ’s paper comes at a unique juncture. The workload behind settlement acceleration is at a historical high. 76% of respondents are working on T+1 in 2025 (Figure 6), with North America’s T+1 transitions in the rear-view and Europe’s looming. At the same time, digitalized markets that leverage technologies such as Distributed Ledger (DLT) and Generative Artificial Intelligence (GenAI) are on the verge of delivering significant and practical benefits in the coming months, with digital asset turnover expected to reach 10% of global totals by 2030 (Figure 10). After years of groundwork, the global post-trade industry looks set for a period of transformation in speed, cost and resilience on an international scale. In 2025, we see a sharp and growing focus on a core set of five highly impactful changes across the post-trade landscape. Based on our survey, 85% of respondents across the world see accelerated settlements, digital assets, asset servicing, settlement efficiency and shareholder participation as most impactful (to their business) in 2025 (Figure 1). Over the last five years, these core activities have grown to dominate the operating agenda for firms in every region at the exclusion of regional or less urgent changes (notably including Mandatory Clearing of US Treasuries for now). Wherever you are located in the world, your post-trade change agenda is now very much aligned with your global peers.