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Sub-custody:
Local Knowledge is Crucial
Sub-custodians are very market-specific. Unlike institutions that cater to the global market, what makes a sub-custodian effective in one country may not apply in another.
Key operational skills and the ability to deliver straight-through processing are taken for granted. The differentiating factor is what might be called an institution's local savvy: the depth and breadth of its knowledge of the local market.
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