SIX hits AuC milestone, BNY, AMINA and more

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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.

Table of Contents

• 🌏 Global Custody News

  • SIX Surpasses CHF 1 Trillion Custody Milestone

  • ECB holds 2026 bank capital requirements steady

• 🚀 Digital Asset News

  • Deutsche Börse Integrates SG-FORGE Stablecoins

  • AMINA Launches Hong Kong Crypto Trading Services

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🌏 Global Custody News

SIX Surpasses CHF 1 Trillion Custody Milestone

SIX announced its international custody business has surpassed CHF 1 trillion in assets under custody for the first time, reaching CHF 1,008 billion and marking 6% growth so far this year. The Swiss financial infrastructure company's total assets under custody, covering both domestic and international holdings, now stand at CHF 7.2 trillion.

The milestone was driven primarily by equity assets, which increased CHF 44 billion year to date, with Foreign Registered Shares growing 10% and International ETFs expanding 5%. Other asset classes also recorded significant gains, with bonds under custody rising 12% and warrants and structured products jumping 31%. The growth reflected increased holdings from clients in the US and Germany, along with heightened ETF market activity in the UK and additional portfolios from new clients.

"This milestone in our international custody business is a testament to our growth strategy and an incentive to continue offering the best service to our clients in all asset classes in the 50 countries SIX operates in," said Rafael Moral Santiago, Head Securities Services and Member of the Executive Board of SIX. The company provides fully integrated international custody services covering equities, bonds, funds, hedge funds and structured products.

ECB holds 2026 bank capital requirements steady

The European Central Bank kept capital requirements broadly stable for 2026 following its annual supervisory review of 105 banks, with overall CET1 requirements and guidance maintained at 11.2% despite persisting global challenges. Pillar 2 requirements remained at 1.2% of risk-weighted assets, whilst non-binding Pillar 2 guidance decreased from 1.3% to 1.1%, reflecting improved stress test outcomes. Ten banks were subject to add-ons for insufficiently provisioned non-performing exposures, down from 18 in the previous cycle.

Euro area banks maintained robust capital and liquidity positions in the second quarter of 2025, with weighted average CET1 capital at 16.1%, a leverage ratio of 5.9%, and total capital ratio of 20.2%. Profitability remained strong, with annualised return on equity improving to 10.1% in the second quarter from 9.5% in the fourth quarter of 2024. The aggregate liquidity coverage ratio stood at 158%, whilst the net stable funding ratio remained broadly stable at 127%. Asset quality remained solid, with the non-performing loan ratio at 1.9%, though commercial real estate and small and medium-sized enterprise loans showed higher ratios at 4.6% and 4.9% respectively.

The ECB's supervisory priorities for 2026-28 emphasise banks' resilience to geopolitical risks and macro-financial uncertainties, including maintaining sound credit standards and implementing the Capital Requirements Regulation. The second priority targets operational resilience and ICT capabilities, with focus on risk management frameworks and data aggregation. The ECB issued roughly 30% fewer qualitative measures compared with the previous year, with 40% targeting credit risk, 17% internal governance, 11% capital adequacy and 10% operational risk.

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🚀 Digital Asset News

BNY Launches Stablecoin Reserves Money Fund

BNY announced the launch of the BNY Dreyfus Stablecoin Reserves Fund (BSRXX), a money market fund created to support institutional adoption of digital assets by holding reserves for U.S. stablecoin issuers under the GENIUS Act regulatory framework. Anchorage Digital, the first federally chartered crypto bank in the United States, secured the initial investment in the fund. The fund does not invest in stablecoins but is designed to hold reserves for stablecoins to be issued under the regulatory framework.

The GENIUS Act, enacted in July 2025, established a federal regulatory framework for U.S. stablecoins and specified eligible reserve assets for stablecoin issuers. BNY Investments Dreyfus, a top 10 U.S. money market fund sponsor, provides regulated money market funds as eligible reserves for stablecoin issuers. As of 30 September 2025, BNY oversees $57.8 trillion in assets under custody and/or administration and $2.1 trillion in assets under management. The company provides fund services for over 80% of digital asset exchange-traded products in the U.S., Canada and EMEA, and provides fund administration and custody for over 50% of tokenised fund assets globally.

Analysis cited by BNY suggests the stablecoin market could reach $1.5 trillion by 2030, driven by the regulatory framework and increasing client adoption. Stephanie Pierce, Deputy Head of BNY Investments, stated that stablecoins are at the forefront of the transformation towards an always-on, 24/7 capital markets environment. Nathan McCauley, Co-Founder and Chief Executive of Anchorage Digital, said the initiative marks a new chapter for stablecoin infrastructure in the United States, bridging trust, transparency and regulatory rigour for digital finance.

Deutsche Börse Integrates SG-FORGE Stablecoins

Deutsche Börse Group, Societe Generale Group, and Societe Generale-FORGE announced an agreement to integrate token-based cash solutions with traditional financial market infrastructure. The partnership will initially focus on strengthening CoinVertible's collateral management structure and usability as a settlement instrument for securities processes, collateral management, and treasury functions at Clearstream, the post-trade business of Deutsche Börse Group. The collaboration will also improve CoinVertible's liquidity through a new listing on Deutsche Börse Group's digital trading platforms.

The partnership offers regulated stablecoins under the EU's Markets in Crypto-Assets Regulation (MiCA), with SG-FORGE positioned as a European stablecoin issuer serving both crypto-native players and established financial market infrastructures. Deutsche Börse Group has nearly 16,000 employees and operates across major financial centres globally, whilst Societe Generale-FORGE is a regulated subsidiary licensed to provide investment services and crypto-asset services under supervision of French financial authorities.

Further steps will include jointly analysing the possibility of integrating the EUR and USD CoinVertible stablecoins across Deutsche Börse Group's entire service portfolio. The collaboration occurs alongside wholesale Central Bank Digital Currency project initiatives involving both groups, which aim to digitise capital market activity by modernising issuance, settlement, and custody of financial instruments using Distributed Ledger Technologies within a regulated framework.

AMINA Launches Hong Kong Crypto Trading Services

AMINA (Hong Kong) Limited, a subsidiary of Swiss FINMA-regulated AMINA Bank AG, announced it has received a Securities and Futures Commission Type 1 license uplift to provide crypto spot trading and asset safeguarding services to professional investors in Hong Kong. The company stated it is the first international banking group to offer comprehensive digital asset trading and custody services under Hong Kong's regulatory framework, with services now live for institutional clients, family offices, and high-net-worth individuals.

The firm launched 24/7 crypto spot trading across 13 digital assets including Bitcoin, Ethereum, stablecoins USDC and USDT, and DeFi tokens, accessible via mobile applications, web portals, and relationship management channels. The company's custody infrastructure meets SFC compliance standards with SOC 1 Type 2 and SOC 2 Type 2 certification, allowing professional investors to move cryptocurrencies between AMINA and external non-custodial wallets through whitelisted addresses. AMINA (Hong Kong) Limited originally received Type 1, Type 4, and Type 9 licenses from the SFC in November 2023, with the Type 1 license uplift for digital asset dealing services approved in October 2025.

Michael Benz, Head of AMINA Hong Kong and APAC, said the license positions the firm to serve accelerating demand from professional investors seeking regulated crypto access, with plans to expand the product range to include private fund management, structured products, derivatives, and tokenised real-world assets. The parent company AMINA Bank AG received its Swiss banking license from FINMA in August 2019 and has expanded to Abu Dhabi and Austria, with the Austrian entity receiving a CASP license under the MiCAR framework in October 2025.

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