Who State Street buys from and sells to
Custodian and fund administrator with Charles River software, plus the SSGA index and SPDR ETF business.
Part of Government Net Interest Payments spending
Buys from 2
- DTCCUS securities settlement and depository
- Sub-custodian bankslocal custody in markets it does not operate in directly
Sells to 3
- BlackRockBLKcustody and admin, mainly for European iShares
- Federated HermesFHIcustody and fund accounting
- Pension funds and fund managerscustody, fund accounting and middle-office services
Where the chain could break
- BlackRock has moved iShares custody away from it toward Citi, JPMorgan and BNY
- Servicing fees are basis points on assets, so revenue tracks market levels
- Rival asset managers are also its custody clients, a built-in conflict
Competes with
- BNYBKthe largest custodian by assets
- JPMorganJPMcustody and fund services
- Northern TrustNTRSasset servicing
- BlackRockBLKETFs and index mandates, against SSGA
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.