Citi’s latest “Securities Services Evolution” whitepaper indicates significant transformations in the global post-trade industry, driven by digital assets, accelerated settlements, and the adoption of Generative AI (GenAI).
The fifth edition of Citi’s annual whitepaper, based on a survey of 537 industry leaders—including financial market infrastructures (FMIs), custodians, banks, broker-dealers, asset managers, and institutional investors—provides an in-depth analysis of these shifts. This year’s report also marks the first time a perspective on GenAI’s role and adoption views has been included, featuring qualitative insights from 13 FMIs.
Key findings from the whitepaper project that by 2030, 10% of market turnover is expected to involve digital assets and tokenized securities. Bank-issued stablecoins are identified as a primary enabler for this transition, supporting collateral efficiency, fund tokenization, and private market securities. Asia Pacific is noted for leading digital asset adoption, spurred by retail cryptocurrency engagement and regulatory initiatives.
Regarding accelerated settlements, the cumulative workload for T+1 initiatives is substantial. A majority of 76% of respondents are actively engaged in T+1 projects for 2025. Furthermore, 48% are currently optimizing internal processes for North American T+1 settlements. As the focus shifts to T+1 readiness in the UK and Europe, automation is deemed paramount. Enablers cited for these transitions include improved internal operational processes, harmonization of industry and regulatory standards, upgrading legacy technology, and extending operating deadlines for settlement infrastructure.
In the realm of GenAI, 86% of surveyed firms are piloting the technology, with client onboarding emerging as a key use case for asset managers, custodians, and broker-dealers. Specifically for post-trade operations, 57% of organizations are piloting GenAI, with buy-side firms leading the adoption. Among institutional investors, 67% are utilizing GenAI for post-trade reconciliation, reporting, clearing, and settlements.
Chris Cox, Head of Investor Services at Citi, stated, “From accelerated settlements to automation in asset servicing, and increased shareholder participation and governance, the collective vision of firms worldwide is converging on the same core themes. The industry is at the cusp of significant change as market participants intensify their focus on T+1, accelerate the adoption of digital assets, and implement GenAI across their operations. At Citi, we are not just observing these shifts. We are actively empowering our clients to seize opportunities and deliver value through the strategic deployment of our digital and data solutions.”
Amit Agarwal, Head of Custody at Citi, added, “The accelerating shift towards digital assets and GenAI are clear signals that clients are future proofing their businesses and operating models. As the whitepaper suggests, custodians are expected to be the largest agents of securities tokenization for network use by 2030, and are well-placed to do so as part of their safekeeping role. As digital and traditional assets converge, Citi is developing innovative capabilities and solutions to address the growing demand for digital asset custody services.”
Citi operates as a banking partner for institutions with cross-border needs, a global leader in wealth management, and a personal bank in the United States, conducting business in over 180 countries and jurisdictions.
