custodian banks in the region. JPMorgan has been working with local market infrastructure and regulators to improve its local capabilities and regional custody delivery. For example, in Saudi Arabia the custodian is working with the Tadawul stock exchange to introduce a new custody operating model ahead of the highly-anticipated liberalisation of foreign ownership. And in Qatar JPMorgan has joined forces with the local exchange to enhance the delivery versus payment (DVP) settlement model for sale trades. This led to the exchange changing process in order to reduce risk to the seller in the event of an error sale trade executed by the broker. HSBC wins top sub-custodian second year running HSBC rose above its competitors in sub-custody yet again after winning the prize in last year's Global Investor/ISF Middle East Awards. HSBC's long-standing reputation in the Middle East dates back to the early 1990s when it was the first bank to establish sub-custody services in Mena region. "Our presence in the region since the 1990s reflects our long-term commitment to this region and over the years, given our close association with the local markets who regard us as the voice of institutional investors, we have built up a commanding level of expertise in the region," said Arindam Das, regional head of Middle East and North Africa at HSBC Securities Services. However, HSBC said it tries not to reply upon its first mover advantage, but instead aims to constantly innovate and strengthen its service proposition. This year, the sub-custodian's achievements have