Global Custody Pro - 31 October 2025

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Global Custody Pro
November 04, 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. Reply to this email with feedback or connect with us on LinkedIn.

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🌏 Global Custody News

Cboe Reports Record Q3 Earnings, Announces Realignment

Cboe Global Markets reported record third quarter financial results on 31 October, with diluted earnings per share of $2.85, representing a 38 per cent increase from the same period in 2024. The company reported adjusted diluted EPS of $2.67, up 20 per cent year-over-year, and record net revenue of $605.5 million, a 14 per cent increase. Options net revenue reached a record $380.8 million, up 19 per cent, whilst North American Equities net revenue increased 6 per cent to $103.5 million. The company's derivatives business delivered 15 per cent revenue growth compared to the third quarter of 2024.

Concurrent with its earnings announcement, the company disclosed a comprehensive strategic realignment of its business portfolio. Cboe is initiating a sales process for its Australian and Canadian equities businesses, exiting U.S. and European Corporate Listings, and reducing costs in its U.S. and European ETP Listings businesses, Cboe Europe Derivatives, and several smaller Risk and Market Analytics businesses. The company estimates these actions will result in an annualised run-rate reduction of approximately 3 per cent in net revenue and 8 to 10 per cent in adjusted operating expenses, using 2025 guided ranges as a baseline.

Looking ahead, Cboe raised its full-year 2025 organic total net revenue growth guidance to 'low double-digit to mid-teens' from 'high single-digit', reflecting strong momentum across its core businesses. The company also increased its Data Vantage organic net revenue growth target to 'high single-digit to low double-digit' from 'mid to high single-digit' and lowered its adjusted operating expense guidance to $827 million to $842 million. The company anticipates the strategic realignment actions will have an immaterial impact on 2025 guidance.

Northern Trust Expands Singapore Market Development Mandate

Northern Trust announced it has expanded its fund services mandate with Avanda Investment Management to support the asset manager's role in the Monetary Authority of Singapore's Equity Market Development Programme. The company will provide investment operations outsourcing, fund administration and Investment Risk and Analytical Services, building on a relationship that began in 2015. Northern Trust already supports Avanda's full range of funds with custody, foreign exchange and securities lending services.

The EQDP is a S$5 billion (approximately US$3.8 billion) initiative aimed at strengthening Singapore's asset management and research ecosystem and increasing investor interest in the local equities market. Avanda was selected as one of the first asset managers under the programme, which is jointly administered by MAS and the Financial Sector Development Fund. Avanda's strategy under its EQDP mandate aims to enhance investor access to Singapore-listed equities and contribute to the development of the local capital market.

Yen Leng Ong, Northern Trust country executive for Southeast Asia, said the expansion reflects the company's commitment to delivering scalable solutions that help asset managers grow in dynamic markets like Singapore. Michael Teo, co-chief executive officer and chief operating officer of Avanda Investment Management, said Northern Trust has become a valuable extension of the team through its consistent delivery and ability to scale. As of 30 September 2025, Northern Trust had assets under custody and administration of US$18.2 trillion and assets under management of US$1.8 trillion.

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🚀 Digital Asset News

AMINA Secures Austrian MiCA Crypto License

AMINA Bank AG announced its Austrian subsidiary has received a Crypto-Asset Service Provider license from Austria's Financial Market Authority under the Markets in Crypto-Assets framework. The approval makes AMINA (Austria) AG one of the first MiCAR-licensed companies, enabling it to launch regulated crypto trading, custody, portfolio management and staking services for professional investors including family offices, corporates and financial institutions.

The Swiss banking group chose Austria as its European entry point due to the country's regulatory excellence and commitment to investor protection. Franz Bergmueller, CEO of AMINA Bank, said the license demonstrates the group's commitment to the highest regulatory standards and meeting growing global demand for trusted crypto services. The subsidiary has already been notified in thirteen additional European countries.

AMINA Group now holds licenses across four jurisdictions including Switzerland, Hong Kong and Abu Dhabi, positioning it for expansion into more than thirty European markets. Eckehard Stolz, Managing Director of AMINA EU, said professional investors in Europe are seeking secure, regulated access to crypto, and the company is meeting that demand by combining Swiss banking expertise with Austrian regulatory strength.

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