METHODOLOGY

The survey questionnaire was sent to institutions worldwide who use the services of sub-custodian banks. A total of 126 responses were received. Ranking methodology entails respondents rating their agent banks in ten service categories, giving them a score out of five on how well the agent performs the service and rating its importance from one (neutral) to three (essential). Sub-custodians do well by scoring highly in the service categories that respondents see as important. The service category and importance scores are multiplied together to give a total score (maximum score 15). For each sub-custodian, an average score is determined from those of all respondents. Across all service categories, an overall score is determined as the sum of the average category scores divided by ten (the number of categories). Weighted results are also produced, showing the effect of allowing respondents with large relationships to have a greater influence. A multiplier is applied to each questionnaire depending on the value of assets under custody, as follows: European markets: 1=Less than US$250 billion 1.5=Between US$250 billion and US$500 billion 2=Between US$500 billion and US$750 billion 2.5=Greater than US$750 billion Asian, African & Middle Eastern markets: 1=Less than US$5 billion 1.5=Between US$5 billion and US$20 billion 2=Between US$20 billion and US$60 billion 2.5=Greater than US$60 billion Sub-custodians need a minimum of three responses to qualify for inclusion.