Citi Securities Services Evolution 2025

48 | Securities Services Evolution 2025 Endnotes 1 ValueExchange private research 2 https://handbook.apra.gov.au/standard/cps-230 3 CMU OmniClear 4 ASIC Market Integrity Update Issue 165, March 2025 5 European Commission – Savings and investments union 6 V alueExchange private research 7 Single Collateral Management Rulebook for Europe 8 AST Final Report Feb 2025 9 ValueExchange T+1 Pulse Survey 10 S IFMA T+1 After Action Report 11 ValueExchange private research 12 https://iongroup.com/blog/markets/why-tokenized-funds- are-gaining-momentum/ 13 V alueExchange private research 14 h ttps://www.circle.com/blog-all 15 https://cointelegraph.com/explained/blackrocks-buidl- fund-explained-why-it-matters-for-crypto-and-tradfi 16 Ledger Insights – Eurex gets BaFin approval for DLT-based margin collateral via HQLA 17 https://www.lseg.com/en/post-trade/clearing/lch-services/ digitalassetclear 18 Ledger Insights: CME to trial tokenization on Google’s new Universal Ledger DLT 19 ICE and Circle Sign MOU to Explore Product Innovation Based on Circle’s USDC and USYC Digital Assets 20 What is BUIDL? BlackRock’s New Tokenised Fund - Zerocap 21 UBS Asset Management launches its first tokenized investment fund 22 ChinaAMC HKD Digital Money Market Fund 23 Ethereum Sees $6 Billion In Tokenized Funds As Big Players Jump In 24 DTCC announces new platform for tokenized real-time collateral management 25 DTCC announces composerx 26 Deutsche Börse Group provides institutional clients access to crypto assets via Clearstream 27 Press Release: Euroclear & Digital Asset to mobilise collateral assets 28 https://cleartoken.io/services/ 29 P ress Release: Introducing the Canton Network: A blockchain financial institutions can say ‘yes’ to 30 https://defillama.com/ 31 https://app.rwa.xyz/ (as of 20th August 2025) 32 Asset Owner Transformation 2024, the ValueExchange 33 Morgan Lewis: SEC Roundtable on Tokenization - Technology Meets Regulation in the Evolution of Capital Markets 34 The White House Fact Sheet: President Donald J. Trump Signs GENIUS Act into Law 35 USDC | Powering global finance. Issued by Circle 36 Power Collateral Management with Digital Assets | DTCC Digital Assets 37 https://www.theocc.com/occ-transformation 38 https://www.cds.ca/solutions/cds-key-initiatives/post- trade-modernization 39 https://www.dtcc.com/dtcctransformation 40 https://www.dtcc.com/dtcctransformation 41 Modernising corporate actions through technology and collaboration | Swift 42 Press Release: SEC Extends Compliance Dates and Provides Temporary Exemption for Rule Related to Clearing of U.S. Treasury Securities 43 U.S. Treasury Clearing | DTCC 44 DTCC Modernization Initiatives 45 https://www.sec.gov/about/crypto-task-force 46 h ttps://www.congress.gov/bill/119th-congress/senate- bill/1582/text 47 Where Can We Take You? Brazil 48 Migration to T+1 in nuam Equity Markets | nuam 49 Press Release: Grupo BMV Partners with Nasdaq to Enhance Mexican Market Infrastructure 50 Nuam 2024 Corporate Presentation 1745936522 | PDF | Derivative (Finance) | Over The Counter (Finance) 51 https://www.bcb.gov.br/en/financialstability/drex_en 52 DitoBanx and Tokeny Partner to Transform El Salvador into a Tokenization Leader – DitoBanx El Salvador 53 https://www.nuamx.com/en/equity-market-settlement- date-nuam-markets 54 nuam exchange and Nasdaq Form Strategic Technology Partnership to Develop NewMarketplace in Latin America | Nasdaq 55 Grupo BMV Partners with Nasdaq to Enhance Mexican Market Infrastructure | Nasdaq 56 A ST Final Report 2025 57 High-level_Roadmap_to_T_1_Securities_Settlement_in_the_EU 58 ESMA: Final Report – Technical Advice on the Scope of CSDR Settlement Discipline 59 Exploratory work on new technologies for wholesale central bank money settlement 60 Press Release: ECB commits to distributed ledger technology settlement plans with dual-track strategy 61 Digital Securities Sandbox (DSS) | Bank of England 62 Digital Gilt Instrument (DIGIT) Pilot Update - GOV.UK 63 Corporate Events Service | euronext.com 64 https://www.consilium.europa.eu/media/ny3j24sm/much- more-than-a-market-report-by-enrico-letta.pdf 65 PWC – ETFs 2029: The path to $30 trillion 66 EBF: Developing European Capital Markets to Finance the Future 67 ESMA narrows down the scope of CSDR cash penalties 68 ECMS – Professional use 69 Collateral management harmonisation 70 Savings and investments union – European Commission 71 The Path to T+1: What Accelerated Settlements Mean for Asia-based Firms 72 ASX Response to Chess Replacement Consultation Feedback 73 Ledger Insights: UBS issues tokenized USD money market fund on Ethereum 74 https://www.globaltrading.net/private-market- tokenization-shows-power-of-smart-contracts/ 75 https://www.marketsmedia.com/chinaamc-launches-first- tokenized-fund-in-rmb/ 76 https://www.marketnode.com/case-studies/fundnode- from-efficiencies-to-new-business-models 77 Navigating India’s T+0 78 HKEX Publishes Discussion Paper on Accelerated Settlement for the Hong Kong Cash Market 79 Orion Cash Platform 80 A SX Clearing and Settlement Services 81 HKEX Issuer Access Platform 82 MAS Clarifies Regulatory Regime for Digital Token Service Providers 83 Hong Kong Monetary Authority – Regulatory Regime for Stablecoin Issuers