Search form

Languages

Advisory & Analytics

Thomas Murray’s Advisory teams are specialists in Capital Markets, Custody, and Institutional Fund Operations

We advise banks, funds, financial market infrastructures (FMIs) and Governments agencies on a wide range of projects, from transforming a market’s investment infrastructure to selecting and benchmarking service providers.

Advisory & Analytics

Institutional Funds & Banks

From setting-up a new Institutional Fund or Custody Bank, to selecting and benchmarking service providers and measuring your post-trade risk exposure, our Institutional Funds Advisory team are recognised experts in the market.

  • Benchmarking & Monitoring
  • Global Custodian Selection & RFPs
  • Strategic Consulting
  • Post Trade Risk Analytics

For more information about FMI Advisory, contact our team of expert:

Steve Merry

Head of Technology Operations

smerry@thomasmurray.com

Financial Market Infrastructures (FMI)

Established in 2013, Thomas Murray’s FMI advisory team engage in high-profile projects to transform market operations and advise infrastructures on creating first-rate, investment-grade markets.

For more information about FMI Advisory, contact our team of experts:

Jim Micklethwaite

Head of Operations

jmicklethwaite@thomasmurray.com

Advisory

The world-leading consultancy for network management, custody, and post-trade

From setting-up a new Institutional Fund or Custody Bank, to selecting and benchmarking service providers and measuring your post-trade risk exposure, our Institutional Funds Advisory team are recognised experts in the market.

Benchmarking & Monitoring | Global Custodian Selection & RFPs | Strategic Consulting | Post Trade Risk Analytics

Advisory
Benchmarking & Monitoring

Benchmarking & Monitoring

Drawing on Thomas Murray’s risk technology and unique post-trade database on banks and markets, we support major banks and funds with extensive benchmarking & analytics across 110 markets.

  • Global Custodian Risk
  • Assessments
  • FX costs
  • Cash Interest Rates
  • Operational Performance KPI’s
  • Contractual Terms
  • Operating Models
  • Service Provider Fees
  • Securities Lending Arrangements
Global Custodian Selection & RFPs

Global Custodian Selection & RFPs

The team engages with funds to select, monitor, and review their global relationships

  • Global Custodians
  • Fund Administrators
  • Depositaries
  • OTC & ETD Clearing Brokers
  • Collateral Managers
  • Transfer Agencies
  • Prime Brokers
Strategy Consulting

Strategy Consulting

Thomas Murray engages in consulting projects throughout the year. These projects are carried out for Institutional Funds, Custody Banks, Government Agencies, and others, and can include strategy, restructuring and the launching of new services.

Request a demo

Institutional Analytics

The Risk: A fund’s assets under custody may be lost (or their return delayed) when a post-trade counterparty or capital market infrastructure experiences financial or operational failures.

Post-Trade Counterparties

Global Custodians

Institutional funds appoint Global Custodians for their fund administration and accounting, settlements and corporate actions across asset classes and markets.

Sub-Custodians

Global Custodians appoint agent banks in local markets where they do not have a presence; they are critical to supporting clients’ foreign investments.

Capital Market Infrastructures

Central Securities Depository (CSDs)

CSDs are the central mechanisms for holding and transferring securities in every market in the world. Usually bastions of stability, they can also pose significant risk to the market.

How safe are your invested assets?

  • When the next crisis occurs, will you be certain that all your invested assets are identified as yours and not part of a defaulting counterparty’s estate?
  • Exactly how are your assets being held?
  • Who are the intermediaries in the chain of ownership and what risks do they pose to you? How might you measure that risk exposure?
  • What measures should you take to ensure your assets are adequately protected?
  • Can your depositary bank underwrite the liability it is afforded by UCITS and AIFMD?
  • Do you have measures in place to protect your assets should a local custodian be unable to function properly because of a default or operational issue?
Advisory & Analytics

What is Post-Trade Risk?

Events such as Lehman Brothers, Madoff and MF Global highlighted to the world the importance of asset recoverability and portability. Fines imposed by regulators on asset managers and custodian banks are clear evidence that there can be deficiencies in the way assets are held, emphasising the importance of asset safety in the post-trade chain.

The Solution

A single platform for intelligently analysing the post-trade risk of your fund

Advisory & Analytics

Identify

Identify

  • Identify which organisations in a market are posing the most risk to the safety of your assets
  • Compare the risks emerging from sub-custodian banks or financial market infrastructures, as well as inherent country risk

Advisory & Analytics

Measure

Measure

  • Measure your overall post-trade risk exposure by conducting scenario analysis to visualise how entering a new market or reducing your position somewhere will impact your overall risk profile

Advisory & Analytics

Monitor

Monitor

  • Monitor risks that impact asset safety in your invested markets. Regulatory and governance requirements necessitate the monitoring of third-party service providers regularly and systematically

Advisory & Analytics

Benchmark

Benchmark

  • Benchmark your existing Global Custodian against its peers by comparing the risk of their network of underlying sub-custodian banks tailored to your investment portfolio.

Thomas Murray’s unique post-Trade coverage

0

Securities Markets

0

Cash and Treasury Markets

0

Capital Market Infrastructure Risk Assessments

0

Central Securities Depositories

0+

Sub-Custodian and Correspondent Banks

0

Transfer Agents

0

Central Counterparties

Financial Market Infrastructures (FMIs)

The leading global practice for FMI Advisory

Established in 2013, Thomas Murray’s FMI advisory team engage in high-profile projects to transform market operations and advise infrastructures on creating first-rate, investment-grade markets.

CSD Advisory & Rating | CPMI-IOSCO Assessments | Capital Market Transformation

Financial Market Infrastructures

Thomas Murray’s unique post-Trade coverage

CSDs are the central mechanisms for holding and transferring securities, such as bonds and shares, in every market in the world. Their primary function is the safekeeping and settlement of securities for direct participants, including the banks, broker-dealers, and other institutions engaged in the issuing of securities, market-making, trading, and other activities.

In many cases CSDs are bastions of stability and strengthen a financial market, but they can also pose significant risks to the financial system.

Recent thought leadership from Thomas Murray’s experts:

Impact of Russia’s Invasion of Ukraine on the Capital Markets of Ukraine and Russia

03/03/2022 13:49

CSDs

On Thursday 24th February 2022, Russian forces invaded Ukraine. Global stock prices tumbled on that day, while oil prices surged increasing inflationary pressures.

Central Counterparties (CCPs)

CCPs help facilitate trading in various European derivatives and equities markets. They have a systemically important role in resolving many of the issues that triggered the 2007 global financial crises, both in clearing OTC derivatives markets and domestic cash markets.

CCPs aim to achieve efficiency and stability in various financial markets. They take on the majority of both buyers’ and sellers’ credit risk when clearing and settling market transactions – in effect, they are the buyer to every seller, and the seller to every buyer. Every CCP has its own way of operating, different margin models, risk waterfalls, financial, ownership and governance models.

Recent thought leadership from our expert team:

Thomas Murray - News

02/12/2020 16:28

CCPs

Response by Simon Thomas, Executive Chairman, and Tim Reucroft, Chairman of the Advisory Board, Thomas Murray

Thomas Murray - News

15/10/2020 15:33

CCPs

The author argues that it is not UK CCPs that present a systemic risk to the EU post-Brexit - it is the forced mass-movement of positions away from the UK, mandated by the EU.

Thomas Murray - News

07/08/2020 18:42

CCPs

An insightful and provocative White Paper, reiterating and reinforcing the SRC's concerns about the FSB's direction of travel regarding CCPs.

CPMI-IOSCO Assessments

The Risk: Infrastructures such as CSDs and CCPs are expected by regulators to undertake regular self-assessments to establish their degree of compliance with CPMI-IOSCO’s Principles for Financial Market Infrastructures (PFMIs). This is set out in the Disclosure Framework and Assessment Methodology published in 2012. Self-assessment according to the PFMIs is a difficult task requiring a global understanding of minimum industry standards. The result is often subjective and difficult to evaluate.

The Solution: Our industry-leading support programme aims to assist FMIs to comply with the CPMI-IOSCO Principles without having to commit significant time and resources. The programme is a flexible and cost-effective solution, which has already proved beneficial to several groups in emerging markets.

Thomas Murray can assist FMIs by providing everything from data collection to a comprehensive end-to-end solution for completion of an assessment and gap analysis. Since 2013, Thomas Murray has helped a variety of FMIs to complete new or validate existing self-assessments in markets across the world.

Case Study

Watch our analysts in discussion with Haitham Al Salmi, General Manager of Muscat Clearing and Depository and Mindaugas Bakas, CEO of the National Depository of Ukraine in September 2020.

 

Among other insights, our panellists highlight:

  • The benefits to smaller markets of conducting the exercise to provide a safe and robust infrastructure for market participants and stakeholders.
  • The PFMI exercise with Thomas Murray allowed both clients to identify and close the gaps in their risk management, providing a clear, actionable assessment and setting out a framework for future analysis.
  • The strong message from infrastructures to their stakeholders that they are serious about risk and intend to adhere to best practices.

 

Key advantages of using TM, rather than completing a self-assessment, include: 

  • The speed and structure of the exercise. 
  • The powerful gap analysis and elements to set up a roadmap for the future.
  • The objectivity of a third-party assessment, useful for informing regulators and opening a dialogue about the market's regulatory framework.

Risk, Intelligence & Security

Helping decision-makers understand & reduce their global risk exposure

Public CSD Ratings

Thomas Murray monitors 140+ CSDs globally on an intraday basis. CSDs can commission ratings from Thomas Murray, which they can choose to make public, carried out by our experts’ analysts across eight risk categories:

Asset Commitment

Liquidity

Counterparty

Asset Safety

Asset Servicing

Financial

Operational

Governance & Transparency

Thomas Murray rates every CSD from AAA to C according to its capabilities, its operational infrastructure and its willingness and ability to protect participants and their clients from losses. CSDs use the ratings to demonstrate their capabilities and resilience, as well as to benchmark themselves against other markets and against best practices globally.

Request a demo

Thomas Murray - News

09/08/2022 14:20

Risk Intelligence

Thomas Murray, the global post-trade risk and custody specialists, has completed the second CSD risk assessment of Astana International Exchange Central Securities Depository (AIX CSD) and assigned an overall risk assessment of ‘A+’, which denotes a ‘Low

Thomas Murray - News

16/06/2022 10:39

Risk Intelligence

In 2021, 8% of cash correspondent banks told Thomas Murray that they only commit to clearing funds within eight hours or on the next business day after receipt of the funds.

Thomas Murray - News

15/06/2020 09:06

Risk Intelligence

The addition of Rwanda extends Thomas Murray's extensive coverage to 104 securities markets.

Thomas Murray - News

15/06/2020 09:19

Risk Intelligence

Ross Whitehill introduces Thomas Murray's unique Cash Correspondent Bank Monitoring service.

For more information about Risk Intelligence, contact our experts:

Derek Duggan

Director, Sales

dduggan@thomasmurray.com