Prime Brokers

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.

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.

The European Union’s (EU) Alternative Investment Fund Managers Directive (AIFMD) has thrown up many challenges and caused great debate since it first appeared on people’s radars in the aftermath of the 2007-2009 financial crisis.

The European Securities and Markets Authority (ESMA) has published a consultation paper outlining options on asset segregation under the Alternative Investment Fund Managers Directive (AIFMD).

Thomas Murray Data Services' Alex Harborne discusses AIFMD, Depositary Banks and Prime Brokers.

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