December 2015

Thomas Murray IDS Newsletter

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Thomas Murray IDS is pleased to send you its December newsletter with links to the top stories that we have reported on as part of our on-going surveillance of issues of relevance to asset owners, fund managers, and their key service providers. We endeavour to make these stories succinct, relevant and informative for our readership and would welcome any comments or suggestions to help us improve content and format.

Global Custody Forum round-up by Janet Wynn

Janet Wynn, the COO of Thomas Murray, discusses the main talking points and themes from this year's Global Custody Forum, as well as looking ahead to the future landscape of the custody industry.


The knock-on effect of Euroclear's T2S delay

When Euroclear announced last month that it's ESES CSD's, those under its umbrella in the Netherlands, Belgium and, most importantly, France, would not be able to migrate to the European Central Bank’s single settlement platform for Europe, T2S on time to join Wave 2 in March 2016, it raised a number of questions and came as a big setback for the flagship programme.

Growing pension funds a boon for Africa

One of the key points at this week’s NeMa Africa event was the growing depth and liquidity in African markets from a growing and increasingly sophisticated domestic investor base being born out of recent pension reforms across the continent. This growth in pension funds is creating a development and investment drive into African capital markets, providing a strong and positive economic outlook for Africa.

An introduction to the UK FCA's client money rules for investment firms

They make up one chapter out of 12 in a set of recently revised rules published by just one regulator. Yet it would not be hyperbolic to describe the new client money rules set out in the Client Asset Sourcebook (CASS) of the United Kingdom Financial Conduct Authority (FCA) as one of the most excruciatingly detailed and prescriptive set of operational obligations imposed on investment firms, including asset managers, of any introduced since the financial crisis. They came fully into force on 1 June this year. Dominic Hobson spoke to John David Thiede of Sidley Austin LLP, who was closely involved in their drafting during his time with the FCA.


Nick Bradley

For further information contact:

Nick Bradley
Managing Director
Tel. +44 (0) 20 3011 1720

About Thomas Murray IDS

Thomas Murray IDS provides benchmarking, monitoring, selection and customised advisory services for institutional investors, focusing on costs, risks, and operational performance associated with service providers.

Tel: +44 (0) 20 3011 1720 Email:

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