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Thomas Murray - Monthly Newsletter

As a local market infrastructure entity or interested participant, we are pleased to send you our May newsletter. This newsletter provides access to the top stories we reported on as part of our on-going surveillance of local capital markets worldwide. We currently track over 100 securities markets, 140 Central Securities Depositories and have Capital Market Infrastructure Risk Rating Reports on over 88 markets worldwide, assessing the post trade risk exposures faced by international investors.

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Seven CSDs Form Joint Venture

In a press conference held today in Madrid, seven European central securities depositories (CSDs) have agreed to create a joint venture called Link Up Markets to improve efficiency and reduce costs of cross-border post-trade processing in Europe. The Seven CSDS are ...

Bulgaria - Draft Rules on Buy-on Margins, Short Selling and Securities Lending - Update

The Financial Supervisory Commission (FSC) announced the adoption of the changes to Regulation No. 16 on the Conditions and Procedures for Executing Buy-on Margins, Short Sales and Securities Lending. ...

Egypt - Securities Lending and Short Selling - Update

In an update to our previous newsflash, MCDR, the Egyptian CSD, announced that the short selling mechanism will commence on 24 April 2008. Investors who wish to lend their securities have been advised to apply via their custodian or broker. ...

Canada - Institutional Trade-Date Matching - Update

The Canadian Securities Administrators (CSA) has delayed the implementation of the trade date matching requirement to 1 July 2010. This was previously scheduled to be put in place on 1 July 2008. The postponement is due to a number of market participants not being ready. ...

Indonesia - KSEI to Introduce an Auto Pre-Matching Facility - Update

Further to our previous newsflash, the Indonesia Central Securities Depository (KSEI) has introduced a new automated pre-matching for OTC transactions in its system, the Central Depository and Book-Entry Settlement System (C-BEST). With the new facility, depository participants will be able to pre-match their clientsÕ instructions electronically ...

Total Number of Thomas Murray Flashes Issued: Apr 2008

Depository/CSD Risk Flashes 62 (755 year on year)
Capital Market Infrastructure Risk Flashes 53 (576 year on year)

Worth Knowing

Depository Risk Flashes

South Africa - T+3 Settlement Cycle Project

Japan - JASDEC to Act as Repository for Beneficial Shareholder Information

Mexico - Banxico to Modify Closing Hours of Main Payment Systems

Russia - RUB DVP Settlement at DCC

UK, Ireland - EUR Payments in TARGET2 - Update

Capital Market Infrastructure Risk Rating Flashes

India - SEBI Requires Payment of Margin for all Institutional Trades - Update

Brazil - Possible Merger Between BOVESPA and BM&F - Update

Thailand - Relaxation on Overdraft Facility

Cyprus - Central Bank Money Settlement in Cyprus

Kenya, Uganda - East African Exchanges Merger Plan - Update

Bahrain - eServices at BSE

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May 2008

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For further information contact:

Derek Duggan, Director.
Tel: +44 (0)20 7830 8300
Email: dduggan@thomasmurray.com