As the post-trade industry undergoes profound transformation, the 2025 edition of this Regulatory Outlook in Securities Services white paper offers a clear, forward-looking guide to the key regulatory and market developments shaping its future.

Across global markets, common themes are driving change in the post-trade landscape: the push towards shorter settlement cycles, rising automation, heightened regulatory attention on digital assets, and the growing role of AI in financial services.

Our 2025 white paper – now an annual update – explores these forces through a global lens before diving into regional developments:

• Europe is entering a pivotal phase of reform, with initiatives such as the Eurosystem Collateral Management System (ECMS), the Savings and Investment Union (SIU) strategy, revisions to Central Securities Depositories Regulation (CSDR), and preparations for T+1 all pointing to greater integration and efficiency across capital markets.
• Asia is experiencing a period of capital-market deepening and regulatory modernisation. Reforms in China, India, Vietnam, and Korea are designed to attract global capital, strengthen cross-border links, and align domestic frameworks with international best practice. At the same time, the region’s financial centres are accelerating innovation in digital assets, green finance, and artificial intelligence under emerging governance regimes.
• The US is pursuing targeted initiatives to reinforce resilience and competitiveness. The SEC is recalibrating its regulatory agenda, while the DTCC is advancing extended clearing hours, ISO 20022 adoption, and enhanced reporting capabilities.

Together, these developments reflect a post-trade ecosystem in transition – one where market participants must adapt quickly to stay compliant, competitive, and connected. We hope that this resource provides you with useful insights that can help to inform your strategic decisions as you navigate this period of change.

Authors

Boon-Hiong Chan
Industry Applied Innovation Lead, Head of Securities & Technology Advocacy APAC, Trust and Securities Services, Deutsche Bank

Britta Woernle
Head of Market Advocacy Europe – Trust and Securities Services, Deutsche Bank

Nadra Mueller
Americas Regional Head – Trust and Securities Services Product Management, Deutsche Bank