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- Global Custody Pro - 30 July 2025
Global Custody Pro - 30 July 2025
Clearstream, Nasdaq, EBF, FIS, Circle and more
Global Custody Pro
July 29, 2025 • Reading Time: 7 minutes
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Welcome to Global Custody Pro, read by custody professionals like you. I'm Brennan McDonald, Managing Editor. I write about the global custody industry, having spent over 12 years in financial services, including working at a global custody bank. An AI voice reads the audio version of this newsletter. Have feedback? Just reply to this email or connect with us on LinkedIn.
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🌏 Global Custody News
Clearstream AuC growth boosts Deutsche Börse revenue
Driving the news: Reporting its results, Deutsche Börse’s Securities Services division, covering Clearstream's core post-trade business, grew its assets under custody (AuC) by 6% year-on-year to €15.98 trillion in the second quarter of 2025.
The big picture: The increase in custody assets was supported by strong fixed-income issuance and higher equity market levels, which helped drive a 9% rise in the division's net revenue, excluding treasury results.
Zoom in: Within the Fund Services division, assets under custody for fund processing increased by 10% to nearly €4.0 trillion, while assets under administration in fund distribution surpassed €700 billion.
Nasdaq posts 24% Q2 EPS growth
Driving the news: Nasdaq on 24 July 2025 reported a 13% year-over-year increase in second-quarter net revenue to $1.306 billion. Non-GAAP diluted earnings per share rose 24% to $0.85.
The big picture: The result was driven by a 21% organic revenue increase in Market Services, which posted record performance in U.S. cash equities and derivatives. The firm's Solutions businesses, encompassing Financial Technology and Capital Access Platforms, grew organically by 10%.
What they're saying: "We are executing well on our capital allocation priorities, including repaying debt, and have surpassed our gross leverage milestone 16 months ahead of plan," said Sarah Youngwood, Chief Financial Officer.
EBF calls for simpler EU rules to boost competitiveness
Driving the news: The European Banking Federation (EBF) has released a new report, "Simply Competitive," urging EU policymakers to simplify financial regulations. The federation warns that the current complexity of rules is hindering the EU's economic competitiveness and the financial sector's ability to support investment.
The big picture: The EBF's call for "smarter rules" aims to unlock financing for Europe's green and digital transitions, as well as for industrial competitiveness and defence. The report's recommendations cover seven key areas for simplification, building on the European Commission's 2025 agenda to reduce regulatory burdens.
What they're saying: "Europe cannot afford to tie its economy in regulatory knots," said Wim Mijs, CEO of the EBF. "We are reaching the limits of what the banking sector is empowered to deliver under the current weight of complexity. Our sector remains fully committed to being a solid partner in unlocking the investments Europe urgently needs."
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🚀 Digital Asset News
Anchorage Digital to issue Ethena stablecoin in the US
Driving the news: Anchorage Digital, a federally chartered crypto bank, has partnered with Ethena Labs to bring the USDtb stablecoin to the U.S. The launch aims to be the first compliant with the recently enacted GENIUS Act for stablecoin issuance.
Under the Hood: The partnership will utilise Anchorage Digital’s new stablecoin issuance platform to issue USDtb, currently an offshore product, from its U.S. bank. This creates a U.S.-regulated structure for the stablecoin.
Why it matters: The move is designed to provide U.S. institutions with a compliant pathway to access and use USDtb, enabling smoother integration with the domestic financial system and allowing Ethena to scale the product's use.
OSL secures US$300M to fuel global expansion
Driving the news: OSL Group has completed a US$300 million equity financing round, which it states is the largest publicly disclosed equity raise in Asia's digital asset sector to date.
Why it matters: The capital is designated for strategic acquisitions to continue its global expansion, the development of new payment and stablecoin initiatives, and to strengthen its working capital.
The big picture: The financing supports an expansion strategy that began in late 2023, which has seen the group execute several acquisitions and advance its regulatory footprint. OSL's market capitalisation has exceeded HK$10 billion this year.
FIS partners with Circle for USDC payments
Driving the news: Financial technology firm FIS is partnering with Circle to enable its financial institution clients to transact in USDC, the world's largest regulated stablecoin.
Under the Hood: FIS will integrate its Money Movement Hub, which includes real-time payment and fraud detection capabilities, with Circle’s blockchain infrastructure to enable the new functionality for U.S. financial institutions.
The big picture: The move is part of FIS's broader strategy to support digital assets and follows new U.S. stablecoin legislation, positioning the firm to help clients modernise payments and integrate digital currencies with traditional finance.
BNP Paribas joins Fnality, settles DLT swap with Lloyds
Driving the news: BNP Paribas has joined the Sterling Fnality Payment System (£FnPS) and immediately completed an on-chain interest rate swap payment with Lloyds Banking Group.
Under the Hood: Fnality operates a DLT-based wholesale payment system, regulated by the central bank, which uses a digital representation of central bank money to provide finality for transactions in tokenised financial markets.
The big picture: The transaction demonstrates how DLT can facilitate real-time, risk-free settlement of complex instruments, improving liquidity management and laying the groundwork for a more integrated, digitally native capital markets infrastructure.
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