Citi Institute

The global economy has shaken off challenges for four years running, with growth remaining in the neighborhood of 3%. We expect a similar track through the next two years, with the economy expanding 2.7% in 2026 and 2.8% in 2027. The overall effects of tariff pressures look manageable, but five key risks bear watching in the upcoming year.

European investor demand for Exchange Traded Funds (ETFs) may be soaring, but until recently a lot of global asset managers were holding off launching products in the region. Despite its vast capital raising potential, many ETF managers – particularly those in North America – have long perceived Europe to be a fragmented and complex market with high barriers to entry.

The post-trade industry is increasingly moving towards real-time and “always-on” driven by accelerating technological advances, shorter settlement cycles, and evolving customer expectations. Shortened settlement cycles, such as the move to T+1 in various global markets (U.S., UK, Europe, Brazil), are a critical driver and a primary focus for the industry. As a result, the role of the custodian is evolving. Custodians are no longer just safekeepers of clients’ assets; they are increasingly an enabler to clients’ shifting business models and operations.