1、Securities ServicesSecurities Services Evolution 2024Disruption and transformation in financial market infrastructuresSecurities ServicesContents|1 Disruption and transformation in financial market infrastructures Contents 03Foreword 06Introduction 08What is driving the FMI agenda today?04Executive

2、summary 07Methodology24DLT and digital assets342024:across the world15T+1:smooth sailing,butharder than expected42 Conclusion43Acknowledgments44Contributors45EndnotesForeword|3 Disruption and transformation in financial market infrastructures ForewordSince the launch of this whitepaper in 2021,Citi

3、Securities Services continues to be at the forefront of market infrastructure developments and how the industry is responding to these changes.Each year,the collective insights of industry leaders across the world have shaped this whitepaper,enabling us to explore in greater depth what is most topic

4、al and relevant in the securities landscape.For that,I extend our thanks to the 494 survey respondents and 14 financial markets infrastructures(FMIs)and industry participants that have contributed to our latest“Securities Services Evolution”whitepaper.This years whitepaper counted the largest number

5、 of survey respondents and is the first of its kind to offer an early glimpse into how the global industry has managed the transition to T+1 settlement cycles in six markets across the Americas.After years of preparation,we are able to measure the true impacts of accelerated settlements on our post-

6、trade infrastructures so that we can ascertain what gaps need to be bridged as more markets and regions follow suit.Similarly,with the growing commercialization of distributed ledger technology and digital assets,we can map out more clearly than ever before,the platform and operating considerations