News & Opinion

Given its historic assessments of cash and settlement questions, Thomas Murray works closely with central banks in the field of payment systems. It has recently been looking into new requirements in this area, the implications of which are worth sharing with the capital markets public.

The European Commission’s Alternative Investment Fund Managers Directive, (‘AIFMD’), and Undertakings for Collective Investment in Transferable Securities (‘UCITS V’), were introduced, in part, to provide greater comfort to the investment world in the wake of the Madoff scandal. These directives created a responsibility for the custodian community to engage in an increased level of monitoring and supervision of third-party service providers.

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.

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