商业银行托管业务发展、境外借鉴与相关建议｜银行与保险

Core Viewpoint - The rapid development of commercial bank custody services in China is highlighted, emphasizing its role in ensuring asset safety and providing professional services, while also noting the need for improvements in regulation, risk management, and product offerings [2]. Group 1: Overview of Commercial Bank Custody Business Development - The global custody business has a history of nearly 200 years, originating in the UK and maturing in the US, with a definition focusing on handling securities transactions and safeguarding financial assets [4]. - In China, the custody business officially began in 1998 with the issuance of the first closed-end funds, and regulatory frameworks have been established to support its growth [4]. - As of the end of 2023, the custody scale of asset management products in China's banking sector reached 161.75 trillion yuan, reflecting a trend towards specialization and diversification in services [5]. Group 2: Necessity of Strengthening Custody Business Regulation - Custody services are a critical component of financial infrastructure, ensuring the separation of ownership, management, and custody rights, which helps mitigate moral hazards and protect client interests [7]. - The scale of custody assets is a key factor in assessing the importance of banks within the financial system, with significant contributions from major state-owned banks [8]. - Custody services support national strategies and enhance competitiveness by ensuring asset independence and safety, thus attracting financial resources to key development areas [8]. Group 3: Current Issues in Commercial Bank Custody Business - The regulatory framework for custody business is fragmented, with a lack of comprehensive management guidelines and significant differences in rules across various products [12]. - There is insufficient differentiation in service offerings among banks, leading to a lack of innovation and reliance on price competition [13]. - Technical investment in custody services needs to be increased, as the sector is technology-intensive and currently lacks unified security standards [13]. Group 4: Insights from Hong Kong and US Custody Business Development - Hong Kong's custody business features a diverse range of assets and services, including cash management and securities lending, with a focus on meeting client needs [16][17]. - Global custodians in Hong Kong, such as BNY Mellon and State Street, leverage their core custody services to expand into wealth management and other financial services [18]. - The regulatory framework in Hong Kong is multi-layered, with specific laws governing various custody products, ensuring a robust compliance environment [20].