kaal:claim:3936876-009

Traditional custody has become highly concentrated, with four large banks holding roughly $114 trillion in assets under custody at the end of the first quarter of 2018, and barriers to entry make it likely that this concentration continues.

Source quote, verbatim
At the end of the first quarter of 2018, these four banks had approximately $114 trillion in assets under custody.48 Recent trends suggest this highly concentrated model will continue, as ongoing barriers to entry have prevented other firms from challenging these incumbents.
From

Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021), II.1 Custody Requirements for Traditional Assets, p. 10
https://ssrn.com/abstract=3936876 · source PDF

Cite as

Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876

Holds when
Classification

empiricalsupport: evidenceddefirisk-and-incentivessystemic-riskeconomics

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