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.
Institutional Funds & Banks
Financial Market Infrastructures (FMI)
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
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
- FX costs
- Cash Interest Rates
- Operational Performance KPI’s
- Contractual Terms
- Operating Models
- Service Provider Fees
- Securities Lending Arrangements
Global Custodian Selection & RFPs
The team engages with funds to select, monitor, and review their global relationships
- Global Custodians
- Fund Administrators
- OTC & ETD Clearing Brokers
- Collateral Managers
- Transfer Agencies
- Prime Brokers
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.
Institutional funds appoint Global Custodians for their fund administration and accounting, settlements and corporate actions across asset classes and markets.
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?
Thomas Murray’s unique post-Trade coverage
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
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 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.