This white paper is part of series of researches on the evolution of securities operating models.

Last year Kurt Salmon published the first part of the research, which studied the evolution of the securities operating platforms in general.

This year the study focuses on the evolution of securities reference data management operating models. In this context, special attention has been given to centralization of the data management processes and to the role of outsourcing.

In light of the ever-evolving securities industry, this research has been launched in order to advise financial services companies in the selection of the most adequate operating models and technical solutions and to guide future outsourcers in the set-up and implementation of their new solution.

In this white paper, we distinguish on the one hand, custodians - who can be local, multi-country or global - and on the other hand, retail, universal and private banks and asset managers – who provide securities services to their own clients, but can be, at the same time, the (target) clients of custodians.