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The Federal Reserve Bank of New York signaled the importance of the new system when it announced that, for the first time, it was prepared to safekeep, in its book-entry system, securities owned by member banks located in Lower Manhattan.
Perhaps the most remarkable aspect of the Bank of Utica's customers was that almost all used the bank often, if only to safekeep and disburse cash.
Another prominent species of regulatory compliance trust arising in response to state law is the trust account that a law firm operates in order to discharge its duty to safekeep clients' funds.
CIMB Bank Berhad (CIMB Bank or CIMB) recently signed an agreement to appoint China Construction Bank Corporation (CCB) as CIMB Banks sub-custodian bank in mainland China to clear, settle and safekeep China shares, bonds and other investment products on behalf of CIMB Bank and its clients.