November 2014

Securities Newsletter

Alex Harborne

Alex Harborne

Senior Bank Analyst

Tel: +44 (0) 20 8600 2300

Confronting the challenges facing CCPs

The mandatory clearing space is developing quickly in the post-crises environment. Alex Harborne looks at the space in more detail.

For further information on Securities contact:

Derek Duggan
Tel. +44 (0) 20 8600 2300

For editorial enquiries contact:

Charles Gubert
Tel. +44 (0) 20 3011 1733

Miles Reucroft
Tel. +44 (0) 20 8600 2300


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As a local market infrastructure entity or interested participant, Thomas Murray Data Services is pleased to send you our November newsletter. This newsletter provides access to the top stories we reported on as part of our on-going surveillance of local capital markets worldwide.

Thomas Murray Maintains a Central Securities Depository Rating of AA for Italy's Monte Titoli S.p.A. with Stable Outlook

LONDON - Thomas Murray, the specialist custody rating, risk management and research firm, has issued a CSD rating for Italy's Monte Titoli S.p.A. maintaining its AA status, which translates as 'very low Overall Risk'. The rating is made up of the following components...

Business as usual - the switch to T+2

The switch to a T+2 settlement cycle from T+3 in 29 European markets* on 6 October 2014, at the behest of the Central Securities Depository Regulation (CSDR), went smoothly according to data from the European Central Securities Depositary Association (ECSDA)...

FICC seeks regulatory approval to offer clearing in tri-party repo market

FICC (the Fixed Income Clearing Corporation) is seeking regulatory approval from the Securities and Exchange Commission (SEC) and Federal Reserve to provide centralised clearing for the US$1.6 trillion institutional tri-party repo market...

DTCC urges greater collaboration on cyber-crime threats

A white paper published by DTCC (the Depository Trust & Clearing Corporation) has urged regulators and financial institutions to collaborate more on the increasing threats posed by cyber crime...

Regulators must take preventative not reactive approach to mitigate CCP failures

Global regulators and financial institutions should focus on preventative rather than reactive measures to mitigate the knock-on effects of a CCP (central counterparty clearing house) running into difficulty if one of its clearing members defaults...

Collateral squeeze unlikely to materialise

The so-called collateral shortfall is unlikely to be as severe as some market participants initially believed, although obtaining high grade eligible collateral to post as initial and variation margin to central counterparty clearing houses (CCPs) could become more challenging...

About Thomas Murray Data Services

Thomas Murray Data Services is a specialist custody rating, risk management, research and information provider specialising in the global securities services industry.

Our range of products and services provide reports on over 250 custodians, 130 central securities depositories and 100 markets globally.

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