A custody contract is an agreement in which an asset or real estate is held in the name of the beneficial owner (beneficial owner). These agreements are usually entered into by public bodies or companies to manage different benefit programmes. Subject to the terms set forth in this Agreement, the Bank undertakes to provide the childcare services provided for in this Agreement in a manner that meets or exceeds all service levels agreed from time to time by the Parties in a written document, which will be performed by both Parties on or after the date of this Agreement. Unless this written document explicitly states that it is not bound by the contract. For the avoidance of doubt, the list of Bank services is not considered a written document. Bank of New York, State Street, Fidelity and Charles Schwab are among the world`s largest custodians in the United States. In Switzerland, Credit Suisse and the Union Bank of Switzerland (UBS) are among the largest institutions offering the service – in Europe, the Shanghai Banking Corporation (HSBC) is a leading global deposit bank. Over the past five years, we have participated in global custody selection exercises for institutions and banks for securities portfolios worth more than $920 billion ($868 billion). The huge volume of assets moved between custodian banks is a clear indication of the need for formal checks of custody in the market and the proven tendering process (RFP). The selection process is the best, without exception, with a highly structured methodology, based on the lessons learned at the origin of the RFP questionnaire. The process of appointing a new global custodian, or even reviewing existing custody agreements, is ongoing.
Since we launched the Prudential RFP in 1994, the demand for a highly structured review of the RFP has increased dramatically. The strength of RFP depends on the ability to reframe it to the requirements of a single business, while taking advantage of the integrated knowledge that comes from its wide use in the market. . . .