Start of competitive bidding for global custody services saves $20 million for Ohioans

Ohio law mandates that the Ohio Treasurer of State oversee the custodial services that depository banks provide for public funds in the Treasurer’s custody.  In 2010, in addition to seeking competitive bids from banks for domestic custody services of domestic funds in the custody of the Treasurer (shown below), the Ohio Treasury also sought competitive bids from banks seeking to provide global custody services for international funds in the Treasurer’s custody.  This competitive bidding saved the funds $20 million as it caused the banks to offer lower prices than they had in the past.  The current custody period runs from July 5, 2010 to July 1, 2012.


The Ohio Treasury also has made the bidding process transparent by revealing the banks’ proposals and the savings resulting from competitive bidding.  See how the banks responded to the competitive”request for proposal” (RFP) and “request for information“ (RFI) processes by clicking on the below links. The answers to frequently asked questions about the RFP and RFI processes are found via links at the left.

> Global Fees with Dual Custody Bids
> Domestic Fees Bids