CAYMAN: A JURISDICTION OF CHOICE FOR CUSTODY


SERVICES


The provision of a locally available custody service in Cayman, backed by a global banking organisation, is an attractive proposition for financial intermediaries, says Dan L. Peterson.


Having so far weathered a difficult economic period, firms


in the Cayman Islands are finding that, with the right sort of preparation, a flexible approach and a willingness to adapt, significant opportunities remain for businesses to grow.


In the midst of persistent difficult economic conditions,


the onslaught of regulation, such as the Foreign Account Tax Compliance Act (FACTA), is also requiring banks outside of the US to grapple with new operational challenges—and added costs associated with meeting these challenges. For many banks, the combination of tougher regulatory control, added operational


22 CAYMAN FUNDS | 2012


stress and crushing cost:income ratios means that certain services and products simply have to be withdrawn. However, opportunities exist for banks that can successfully


adjust their operating models. Those banks that have remained alert, have a commitment to innovation and can adapt to the new environment are now in the best position to increase market share.


With this in mind, it was clear that there was an opportunity


for an organisation such as Deutsche Bank to add a good deal of value in the marketplace by launching a complete custody service in Cayman—an area that, it believes, will not just prove


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