News & Opinion

Given Thomas Murray’s expertise in post-trade services, it was incumbent upon the firm to respond at length to the Financial Stability Board’s Discussion Note on resolution of CCPs, dated August 2016. This posting is excerpted from the full response, which will be posted on the FSB website in due course.

The role of exchanges has changed, and they may no longer be ‘national treasures.’ But what exactly, then, is an exchange these days? And have other capital markets actors picked up what used to be the hallmark quality standards that brought a degree of confidence to the market?

Investors are asking if the post-financial crisis reform of derivatives faces a serious test.

Beginning in August, Thomas Murray Data Services began to post a short series of thought pieces not about what Brexit would look like, which to our minds remains unknowable; but instead about the kinds of questions the firm will be asking itself.

This posting is the last of the five-part series.

This is the fourth in a series of five thought pieces Thomas Murray wishes to share with clients this summer, the questions for our fields of expertise before the amorphous Brexit project takes shape.

In response to the 2007-2009 financial markets crises, and in line with G20 direction on restoring global economic growth, a primary objective of the European Commission was to shore up gaps in capital markets regulation wherever they were to be found.   As regards custody, the partially overlapping segments of central securities depositories and custody banks have been subject to colliding regulatory purposes and often contradictory official projects – if confusing, this is somewhat understandable given that the two domains fall between capital market and banking legislation/regulation, each subject area with its own points of view.  This still needs sorting out, and that clarification of duties and compliance will take place in the near background whilst the British exit from the EU is defined and executed.

Pages

TM Data Services Recent Posts