2001
The Global Custody Yearbook
Eighth Annual Survey

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ISBN 1-891008-11-0

Table of Contents
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I. SURVEY RESULTS



P. 1

Letter From The Editor

Introduction
This special report on global custody - the 2001 Eighth Annual Global Custody Survey - was 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.

Twelve of the world's largest global custodians were Survey Participants for our special Year 2001 edition.

Exhibits
A 2001, '00 and '99 ranking of global custodians based on reported assets in custody.

P. 2

 India Shows Good Progress
...nagging problems remain
 
Global custodians vote on "most improved" and "most difficult" EM.    On a country basis, the pitfalls and sage advice for the investor are offered by custodians, from their firsthand and current experiences.  Improvements, or lack thereof, are described in the local markets, including  market entrance requirements,  local broker practices, clearing arrangements and banking practices.

Exhibits
* Survey Universe, assets in custody, top ten countries,  total represents   USD 36 trillion.
* Global Custodians Expand Their Networks, emerging markets, number of planned (2001) and actual (2000) additions, by country. 
Tables
*The Best and Worst EM of 2000
* Country Rankings, a three-year comparison of top ten countries, based on assets in custody.

P. 15

 International Securities Lending

U.K. Gilts Market Hot ...plus survey results for the international segment of securities lending.

Exhibits
* International Securities Lending, amount on loan, equity and  fixed income combined, 2000 to 1999 year-end comparison of outstanding balances by country.  Total USD 217 billion.
* International Securities Lending, equities basis points spreads (hi/low/avg) by country, based on reports by nine global  custodians.
*International S/L Grows... an Mix Almost Balanced, a six year trend.
Tables
* A three year comparison of total outstanding loan balances by equity and fixed income.
* Equities,  a three year comparison, top 10 country rankings, reported equity s/l balances.
* Fixed Income, a three year comparison, top 10 country rankings, reported fixed income s/l balances.

P. 21

 E-Commerce is Coming

A wide-range of new products offerings ...plus the next platform for global custody services.

P. 25

 GSTP Moves Ahead

Global Straight Through Processing ...implementation challenges facing the industry.

II. EMERGING MARKETS IN-DEPTH
Global custodians provide a rare insight to experiences - encountered firsthand in the emerging markets. Essential information for the most seasoned global investor.

P. 1

 The Hungarian Market Shows Improvement,   The Chase Manhattan Bank

P. 3

 Trading Exchanges in the United Arab Emirates, Investors Bank and Trust

III. GLOBAL CUSTODIAN PROFILES
Descriptions of the services offered by global custodians in worldwide securities markets.  Service categories are Client Workstation Technology, Cash Management, Derivatives, Foreign Exchange, Fund Accounting, Network Management, Offshore Funds, Portfolio Management and Performance Measurement, Proxy Services,   International Securities Lending, Tax Reclaims, Trade Execution and more.

P. 3  

ABN AMRO Mellon Global Securities Services P. 72   Investors Bank & Trust
P. 18   The Bank of New York P. 80   JP Morgan
P. 27   BNP Paribas P. 99   Mellon Trust
P. 42   Brown Brothers Harriman & Co. P. 117   The Northern Trust Company
P. 51   Citibank, N.A. P. 126   Royal Trust
P. 58   Deutsche Bank P. 142   State Street Corporation

IV. NETWORK MANAGEMENT

A Network Management Chart for each global custodian identifies the network by country, including current and planned network additions, proprietary/non-proprietary, subcustodians and SEC 17f(5) qualified status. 

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