Custody in 2025: a primer for reserve managers

John van Verre and Jane Karczewski

It is often said that custody has changed little since the turn of the millennium. As a result, it is widely viewed as a commoditised service with limited scope for innovation. We take a different perspective – that custody has seen significant change in recent years, and we expect this to accelerate in the future. This chapter will look forward to 2025 and beyond, and set out some predictions for far-reaching developments in the industry and their impact on central banks. Naturally, some of these developments may not come to pass and, indeed, the future may look completely different, but

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