Since the assets under management in the global ETF industry are highly concentrated on different levels (domicile, promoter, classification) it is not surprising that the assets under management are also highly concentrated on the custodial level. The high concentration of the assets under custody might raise concerns about the competition between the different custodians. With regard to this, I would agree that a high concentration of assets at a single company in the ETF ecosystem/value chain should raise the attention of market observers and authorities since such a situation can cause some market and/or systemic risk.   Chart 1: ETF