Global Custody Pro - 7 November 2025

ASIC, Tradeweb, Chainlink and more

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Global Custody Pro
November 06, 2025 • Reading Time: 8 minutes

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📰 Welcome to the Newsletter

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

BIL Selects Clearstream for Fund Services

Banque Internationale à Luxembourg, a leading financial institution in the Grand Duchy, announced it has selected Clearstream, Deutsche Börse Group's post-trade services provider, to consolidate its entire investment fund execution, processing, and distribution services. The partnership will utilise Clearstream's integrated fund servicing platform, Vestima, which processes more than 245,000 funds across 55 fund markets globally.

Through the collaboration, BIL will centralise operations across mutual funds, ETFs, and alternative investment vehicles, with the aim of enhancing efficiency and scalability. Clearstream's fund distribution services will support BIL in broadening market access whilst maintaining standards of transparency, compliance, and service excellence. Both institutions are headquartered in Luxembourg, reinforcing the country's role as a globally recognised centre for fund administration and cross-border distribution.

Isa Scheunpflug, Chief Operating Officer of Banque Internationale à Luxembourg, stated the partnership represents a key milestone in the bank's strategy to grow its investment fund business and expand its distribution footprint. Philippe Seyll, CEO for Clearstream Fund Services, described the collaboration as a natural fit that will contribute to the continued growth and international reach of Luxembourg's fund ecosystem.

ASIC releases capital markets growth roadmap

The Australian Securities and Investments Commission released a roadmap to advance the country's public and private capital markets, drawing on surveillance of the private credit sector and around 100 submissions from industry and experts. ASIC Chair Joe Longo said the roadmap lays out choices for Australia's market future, emphasising that growth in both private and public markets means stronger businesses, more jobs and economic benefits. The regulator announced support for public market modernisation, including streamlined IPO processes and new listing frameworks.

The roadmap builds on ASIC's surveillance into private credit and expert insights on forces shaping Australia's capital markets over the next decade. The report outlines that ASIC needs better tools from government for effective supervision of funds, including notification requirements for wholesale funds, data collection capabilities, and mandatory independent audited financial reports. Commissioner Simone Constant said superannuation trustees are as systemically important as banks in their role as stewards of market integrity, with their expanding presence in private credit facilitating retail investor access.

ASIC will issue a catalogue summarising fund managers' legal obligations, refresh regulatory guidance for funds management, and engage with industry bodies on enhancing standards. The regulator stated it will continue surveillance and enforcement work in private credit to ensure legal compliance, with Commissioner Constant noting that acting now to address poorer practices will help avoid future disruption. The report emphasised that if material improvements are not observed, ASIC is prepared to pursue stronger regulatory action whilst maintaining its position as wanting both healthy public and private markets.

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🚀 Digital Asset News

Tradeweb Launches On-Chain Treasury Benchmark Prices

Tradeweb Markets Inc. announced a collaboration with Chainlink to publish the Tradeweb FTSE U.S. Treasury Benchmark Closing Prices on-chain through Chainlink's DataLink service, becoming the first data publisher for the institutional-grade blockchain platform. The benchmark prices are derived using a methodology that includes executable pricing levels available on the Tradeweb platform and serve as the official closing prices for FTSE's World Government Bond Index.

The data set covers U.S. Treasury notes, bonds, bills, strips and Treasury Inflation-Protected Securities, with benchmark levels collected at both 3:00 PM and 4:00 PM New York time. The prices are registered under EU and UK Benchmark Regulation, distinguishing them from Tradeweb's composite prices which provide indicative market levels from aggregated quotes. Chris Bruner, Chief Product Officer at Tradeweb, described tokenisation as "one of the fastest-growing opportunities in our markets today."

Tradeweb joins more than 2,000 on-chain applications and leading financial institutions across 60-plus public and private blockchains in the Chainlink ecosystem. Chainlink has enabled tens of trillions of dollars in transaction value and actively secures nearly $100 billion in decentralised finance total value locked. Tradeweb facilitated more than $2.4 trillion in notional value traded per day on average over the past four fiscal quarters.

Chainlink announced the Chainlink Runtime Environment at its SmartCon 2025 conference in New York, introducing a platform that enables financial institutions to orchestrate blockchain transactions across multiple networks. The CRE includes automated compliance capabilities, cross-chain token transfers via CCIP protocol, and privacy features through Chainlink Confidential Compute, according to the presentation by co-founder Sergey Nazarov.

The platform is already being utilised by major financial institutions for tokenised fund operations and cross-border settlements. UBS is using Chainlink standards for tokenised funds with DigiFT, whilst ANZ and Fidelity International are implementing cross-chain delivery versus payment with the Hong Kong Monetary Authority. The Central Bank of Brazil and HKMA are deploying CRE for global trade flows connecting their systems via Swift and blockchain networks.

Chainlink also introduced Confidential Compute, enabling private smart contract execution on public blockchains using trusted execution environments. The company stated it has facilitated $26.4 trillion in transaction value and maintains dominant oracle market share, though it noted all forward-looking statements are subject to change and uncertainty. The presentation included demonstrations of stablecoin minting with proof of reserves, automated compliance checks, and integration with institutional data providers including S&P Global Ratings, FTSE Russell, and Deutsche Börse Group.

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