The German Securities Post-Trade Solutions Market

Executive Summary

The German securities post-trade market is characterised by a heavy reliance on BPO services provided by custodians. The leading providers are, in order of volume:

  • HSBC Transaction Services
  • DB Investment Services
  • dwpbank

The revenues generated by these BPO services has been bolstered this year by a significant increase in trading volumes, and the migration of Commerzbank’s back office, the second largest bank in Germany, to HSBC will further increase volumes and revenues in the future.

Prospects for vendors of post-trade solutions in Germany are limited, and the large BPO providers represent the best opportunity here. Nevertheless, there are a number of trading firms in Germany who have expressed some dissatisfaction with the orientation towards retail investors, rather than institutional trading, in the BPO offerings on the market. This is the best entry point for post-trade solution providers with their sights on Germany.

Figure 1. Post-Trade Custody BPO Revenues Germany 

Table of Contents   Page
Executive Summary   2
Introduction   3
Custody-Led Post-Trade BPO Service Providers   6
  HSBC Transaction Services 9
  dwpbank 9
  DB Investment Services 9
  BNP Paribas 10
Post-Trade Software Providers   12
Opportunities in Germany   14


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