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Capital Markets

Capital Markets

Since 1994, our experts have been working with post-trade infrastructures in the financial sector to deliver mission-critical advisory projects for:

  • Central securities depositories (CSDs)
  • Stock exchanges
  • Central banks
  • Central counterparties (CCPs)
  • Regulators 

Unique Services for Financial Market Infrastructures

Thomas Murray is the only organisation in the world to maintain risk assessments on post-trade infrastructures. Efficient and safe post-trade infrastructures are key to a well-functioning market – if they don’t work correctly investors can suffer unnecessary risk and higher cost, leading to lower market confidence.

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Overcoming Challenges

Several factors are driving change, including increased regulation, new technologies and digitisation, the need to diversify revenues, and an increase in competition. Thomas Murray is perfectly placed to help investors to understand their exposure to a market, and to help financial market infrastructures (FMIs) with their transformation projects. 

Risk Intelligence

Challenges

  • Meeting new and pipeline regulation
  • Reducing inefficiency in markets
  • Finding new revenues
Due Diligence

Drivers

  • Rise of FinTech disrupting operating models
  • Global competition and consolidation 
  • Regulation
Due Diligence

Opportunities

  • Exploiting digital solutions to generate revenue 
  • Demonstrating efficiency and low-risk to attract investment 
  • Partner with (or acquire) FinTech

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Key capabilities

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Risk Assessment

We offer expert public or private assessments of CSDs across asset commitment, liquidity, counterparty, asset safety, asset servicing, financial, operational, and governance and transparency risk.

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Regulatory Assessment

We help FMIs to comply with regulation, including implementation of the CPMI-IOSCO Disclosure Framework and assessment of the PFMIs.

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Cyber Risk

We continuously monitor the cyber security posture of every FMI in the world, and can provide monitoring of members, participants and critical third parties.

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Market Transformation

We track global best practices and can advise FMIs on the key issues, threats and opportunities that should be addressed in their strategies.

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Who We Work With

  • Central securities depositories

    We monitor 145 CSDs around the world, giving us unrivalled knowledge of market practices, risks and trends. We support CSDs with a wide range of risk assessments, benchmarking, expert analysis and bespoke advisory work.

  • Stock exchanges

    Our products can be used to compare trading practices, trading systems and stock exchange trends. Our tools have been used by stock exchanges to support their cyber risk management and can assist with assessing exposure to stock exchange members.

  • Central banks

    Our FMI specialists continuously monitor developments in payment systems and assess their interaction with critical infrastructures. We support clients in reviewing access arrangements and our products can be used to assess payment system participants.

  • Central counterparties (CCPs)

    We monitor the biggest CCPs globally, providing insight on their practices. We support CCPs in best market practice compliance and bespoke advisory work. TM can help with due diligence on clearing members and third-party risk management.

  • Regulators

    Our capital market experts monitor regulatory developments daily and assesses their impact on financial market infrastructures and participants. Our assessments help our clients to meet their due diligence obligations and third-party monitoring.

We safeguard clients and their communities

Petroleum Development Oman Pension Fund

Petroleum Development Oman Pension Fund

“Thomas Murray has been a very valuable partner in the selection process of our new custodian for Petroleum Development Oman Pension Fund.”

ATHEX

ATHEX

"Thomas Murray now plays a key role in helping us to detect and remediate issues in our security posture, and to quantify ATHEX's security performance to our directors and customers."

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Northern Trust

“Thomas Murray provides Northern Trust with a range of RFP products, services and technology, delivering an efficient and cost-effective solution that frees our network managers up to focus on higher Value activities.”

Contact an expert

Jim Micklethwaite

Jim Micklethwaite

Managing Director | Head of Financial Markets

Panos Kiziris

Panos Kiziris

Director | Financial Market Infrastructure