We provide clients in Denmark, Finland, Norway and Sweden with global custody services, i.e. clearing, settlement and safekeeping of domestic and foreign securities. Global custody services are primarily targeted at corporations, municipalities, asset managers, banks, insurance companies and pension funds. For global securities, we provide services in all major financial markets in the world. Every market is reviewed on a regular basis to ensure the best quality of service for our clients.
We offer you extensive services related to global securities, including the following:
In accordance with the legal requirements in each Nordic market, a custody account needs to be opened to support clearing, settlement and safekeeping of global securities. Each custody account must be linked to a Nordea cash account.
Every global market has its own settlement cycle and cut-off times, which differ according to local market practice. All communication from Nordea to Sub-custodian is handled via SWIFT standard to ensure smooth and timely clearing and settlement. Client communication is done STP through an electric platform between clients and Nordea.
Income collection and taxation
We credit dividends, loan interest and final redemptions to clients’ accounts according to the information received from the local sub-custodians. We offer our clients tax reclaim services for several countries via a separate agreement.
There are various types of corporate action that may occur with global securities, including rights offerings, offers to redeem, changes in nominal value, spin-offs, splits, splits, reverse splits and name changes. Nordea asset servicing covers the life cycle of an event, including notifications, relevant account transactions and managing instructions when applicable for the event.
Clients can feed instructions to the market monitor transactions and their holdings in real time through our online service e-Custody, accessible via Corporate Netbank.