Thu 29 Jan, 2015 02:19 am
Please can anyone explain to me the fundamental differences between Custody and Sub Custody in a bank?
Custody : A custodian bank, or simply custodian, is a specialized financial institution responsible for safeguarding a firm's or individual's financial assets and is not engaged in "traditional" commercial or consumer/retail banking such as mortgage or personal lending, branch banking, personal accounts, automated teller machines (ATMs) and so forth.
Sub-Custody : An institution providing custody services, with respect to securities traded in a particular market or jursidiction, on behalf of another custodian (e.g. a global custodian) who may not have an operation in that jurisdiction.
Do not have any knowledge about this, Please let me know about this. ?