Depositary Banks

A core function of Thomas Murray is to provide independent, detailed third-party monitoring of post-trade service providers in the world’s capital markets. It has done so for over two decades, and has established a considerable database across 100+ marketplaces, expertise, and a reputation for rigour.

From the outset of this third-party monitoring programme in 2012, Thomas Murray rapidly found itself accumulating what is possibly the world’s most detailed and best data and qualitative information set on one of the world’s least well-known cogs in the workings of the global financial system, transfer agents. Like any machine, when a single cog breaks down, so does a large part of the mechanism.

Transfer agents fall below the bar of what the global authorities consider to be a market infrastructure institution like a national payment system or central securities depository, and are for the most part outside the perimeter of national regulatory authorities as well. And yet, as is true for most of them, their critical functions involve receiving and making payments for public funds, and maintaining share ownership registries for those funds. These are not small matters.

On the back of a hugely successful post-trade roundtable for funds event in London in February, Thomas Murray are delighted to announce our next event, Post-Trade Roundtable on Regulation in 2016: What does this mean for the Buy-side?

The event provides Management Companies and Depositary Banks in Luxembourg an opportunity to come together and share their approaches to monitoring their post-trade exposures in a changing regulatory environment.

The liability regime in a classic global custody agreement is straightforward. The global custodian undertakes to provide the safekeeping services to the high “standard of care” – this is the actual phrase used – expected of a first class service provider. Asked to describe what makes a custodian first or second class, Peter Richards-Carpenter, a consultant to London law firm Berwin Leighton Paisner, draws on 30 years’ experience of grimy commercial realities. “The first class global custodian is the one that clients expect to make them whole in the event of loss,” he says.

Thomas Murray Data Services' chief risk officer, Roger Fishwick particpated in a webinar with COO Connect around what fund managers will have to do differently under UCITS V. We are delighted to share with you the video of the session, as well as a synopisis of what was discussed.