Some use local custodians because they themselves are not eligible to become a CSD member; others do so in order to outsource back office activity, particularly for cross border transactions where the complexity and fragmentation discussed below (under "Do we need a directive?") can often be managed more efficiently by a local specialist.
Some use local custodians because they themselves are not eligible to become a CSD member; others do so in order to outsource back office activity, particularly for cross border transactions where the complexity and fragmentation discussed below (under "Do we need a directive?") can often be managed more efficiently by a local specialist.