Top performance thanks to client focus and pioneering spirit
In this year’s “Major Market Agent Bank Survey” carried out by Global Custodian, SIX Securities Services occupied the top spot in the Swiss market and achieved the highest ratings in ten out of twelve categories, including Settlement, Asset Servicing, Technology and Additional Services.
Excellent results despite small market share
Each year, the industry magazine Global Custodian carries out a client survey addressing the quality of the clearing, settlement and asset servicing offered by various agent banks across the most important markets. In the autumn 2015 edition of this survey, SIX Securities Services scored top marks and was able to improve in ten categories from the previous year, in some areas by almost an entire point. Although much smaller than the other two ICSDs, SIX Securities Services achieved the highest score in all categories. In the individual comments received, clients praised the professionalism and market expertise of SIX employees. The client comments underlined the survey results achieved: in many questions and categories, SIX Securities Services regularly scored higher than 6.00 (”very good”).
The overall result for the Swiss financial center was equally impressive. Although Swiss banks and custodians were occupied with the preparations to link up to T2S as part of the first wave, the market result improved by an above-average amount. The areas of Client Service and Relationship Management showed the greatest improvements.
The volume of assets under custody and the number of settled transactions of the custodians analyzed were also at record levels for the study. A variety of network managers, individuals and teams from the world’s 40 largest custodian banks, brokers/traders and custodians assessed the agent banks on a comprehensive, differentiated basis: the results, with several exceptions, were concentrated around the standard value of 5.00 (”good”).
Growth with innovation and dialog
Global Custodian believes that potential growth – irrespective of client and market developments – can be found in two areas: internally and externally. External potential only occurs occasionally and is usually a result of a change in market infrastructure or regulatory environment. Agent banks can initiate, accept or close themselves off from such changes, writes the specialist publication. The pan-European connection to T2S over the next 18 months is cited as one of the most interesting “external” opportunities of the moment.
According to the study, “internal” potential for growth can be found in experiences within a company’s own organization, from making comparisons with other providers, offering services in similar, but non-competing markets, as well as from open dialog with clients. The survey clearly shows that clients really value dialog with their service providers and that they actively encourage this through performance ratings as well as other mechanisms.
By helping to shape and participating in the first T2S migration wave, SIX Securities Services is demonstrating that it understands its role as a driver of innovation. With the “Innovation Incubator F10”, SIX Group has a FinTech innovation center, which has set itself the goal of driving forward the Swiss financial center on an international stage, all the time considering the needs of its clients and staff. A dialog with clients is also sought and maintained with regard to the future development of existing services. In this way SIX Securities Services can offer new, individually tailored solutions in a variety of areas, enabling it to challenge the current industry mindset.
SIX Securities Services believes that the study is an indication of client satisfaction and acceptance and that it motivates employees to continue proactively shaping the post-trade industry.