Global Custody and Settlement Services
LOM’s global custody services and capabilities are one of the best for trading and settlement of international stocks and bonds offshore. LOM is one of only five financial institutions in Bermuda licensed and able to custody and clear stock, bonds, cash and other securities.
Global Custody and Clearing Limited (GCCL) is a wholly owned subsidiary of LOM Financial Limited that provides custody services to LOM affiliates. GCCL operates an international network of top tier global banks for the sub-custody of client assets. We maintain numerous counter party and jitney relationships with financial firms around the world to meet our clients’ varied investment and trading needs.
Unlike a bank, we do not carry client cash and assets on our balance sheet; Global Custody and Clearing Limited holds client assets ‘in Trust’ on behalf of customers.
Client cash and assets are segregated and transactions are tracked through our investment management software and LOM’s finance department performs daily reconciliations. GCCL operates under strict regulation by the Bermuda Monetary Authority who conducts prudential inspections on a regular basis to assess, among other things, GCCL’s reconciliation and asset tracking procedures. A further independent audit is conducted by one of the big four global auditing firms on an annual basis.
GCCL houses our Settlements, Trade Desk, Finance and Compliance departments.
GCCL Custody and Operations Department
GCCL’s Operations and Settlements department conducts daily trade settlement, clearing and reconciliation of securities and multiple currencies, collection of dividends and interest and execution of corporate actions such as stock splits, corporate spin offs, ISIN or name changes.
This department includes GCCL’s stock deposit cage which handles the receipt of physical certificates and supporting documents. On confirmation all documents are in order, securities are delivered to the registered transfer agent for deposit into electronic form with GCCL’s sub-custodian to enable settlement on international exchanges. Bank medallion guarantee services are also provided.
GCCL Trading Desk
The Trade Desk handles order flow to international exchanges and markets. Orders may be routed electronically or manually. The desk is able to facilitate execution of stocks and bonds, options, derivatives, currency foreign exchange transactions, gold and other precious metals that are held in custody.
On larger currency trades, the Trade Desk is able to go straight to the foreign exchange spot market and provide a competitive quote for multiple currencies. Whether you are looking to cover import or export of goods or services by locking in a forward currency rate or speculate in the currency market, LOM is positioned to provide the best rates. If you are looking for a better currency exchange rate Contact Us.
In certain circumstances, we are able to arrange a special separate custody account with one of our custodians, State Street Bank & Trust Company, for client accounts greater than US$25,000,000 in value.
Global Custody and Clearing Limited is listed on and a trading member of the Bermuda Stock Exchange
Licensed to conduct Investment Business by the Bermuda Monetary Authority.