Custody is supposed to be a boring transactional business where size counts and consistent revenues keep the machine well oiled. However, custodians are not immune from the volatility that has hit the market over the last year. While this has not threatened their survival, it has thrown open some new opportunities and threats to add to those that were already in play. The custody business is at a crossroads with some fundamental decisions required that will decide the winners and losers over the next 10–20 years.