Citi has published the fifth and latest edition of Securities Services Evolution, its annual whitepaper. This year’s findings detail how transformation in the post trade industry is expected to be propelled by digital assets, accelerated settlements, and the adoption of artificial intelligence (AI). In particular, bank-issued stablecoins and generative AI (GenAI) were identified as significant enablers in tokenisation and post-trade operations respectively.
The paper’s survey had 537 respondents – the biggest sample size in the series so far. Participants included representatives from financial market infrastructures (FMIs), custodians, banks, broker-dealers, asset managers, and institutional investors.
Watch the stablecoins
Findings show that by 2023, 10 per cent of market turnover is expected to be conducted using tokens and digital assets. Blockchain-based transactions will open up “a world of automated, intraday capital management”, supported by bank-issued stablecoins and tokenised money market funds. The popularity of stablecoins looks set to grow, as they provide a balance between automation and regulation.
Pilot technology
86 per cent of respondents shared that they are running GenAI pilots in their firms in 2025, with 53 per cent claiming to use the technology in a live environment. The current primary use of GenAI is in client onboarding, with 83 per cent of brokers, 63 per cent of custodians, and 60 per cent of asset managers citing its use in this area.
On the buy-side, mainly among pension funds, insurers, and sovereign funds, 14 per cent named GenAI as “the most impactful post-trade change for 2025”. 67 per cent of these firms are piloting GenAI in post-trade reconciliation, reporting, clearing, and settlements.
The paper also highlights the cumulative workload of T+1 transition that continues to impact the industry today. 48 per cent of respondents claimed to be still running projects to optimise internal processes for North America’s T+1 settlements. 76 per cent are actively working on T+1 initiatives this year.
