Survey Results 2000 - Introduction

I. SURVEY RESULTS

his special report on global custodyžthe 2001 Eighth Annual Global Custody Surveyžwas prepared by Buttonwood International Group, New York. The data collection efforts for the Survey were completed November/December 2000, with survey results appearing shortly thereafter at www.buttonwood.com.

2001 Survey Participants

_________________

ABN AMRO Mellon Global Securities Services

The Bank of New York

Brown Brothers Harriman & Co.

BNP Paribas

Citibank, N.A.

Deutsche Bank

Investors Bank & Trust

Mellon Trust

JP Morgan

Northern Trust Company

Royal Trust

State Street Corporation

The survey continues to explore those issues and trends of importance to both the investor and service provider in the EM, namely:

EM Hot Spots with particular focus on emerging markets struggling to shore-up infrastructure to better serve foreign investors.
International securities lending in the emerging markets, but, last year, the strongest demand for securities was found in established markets.
Internet developments continue at a rapid pace.
Global Straight Through Processing (GSTP) designed to streamline post-trade processing for worldwide securities.

The following report reviews the issues facing the investor in the emerging markets. Findings of the survey are based on comments from the global custodians on the risks, difficulties and peculiarities encountered in many countries. The countries which the custodians regard as the most troublesome are discussed.