Central Securities Depository Ratings

Download the Central Securities Depository Rating Brochure

A Central Securities Depository (CSD) is able to commission Thomas Murray to produce a public depository rating. The rating is an assessment of the extent to which a depository's infrastructure is able to reduce or eliminate the risks associated with holding and settling securities and cash through the depository. The rating is also a confirmation of Thomas Murray's Depository Risk Assessment. A public depository rating provides a valuable internal management tool and useful promotion for a depository's business both within its local market and to the international community.

The rating covers the core custody activities as well as Credentials, Internal Operations and Risk.

A CSD rating assesses the ability of a central securities depository to minimise specific post trade risk exposures suffered by investors when investing in the related country and holding their securities in the depository. The overall rating assigned to the central securities depository is based on Thomas Murray's Depository Risk Assessment including the six individual Risk Exposure Assessments. The CSD Rating and the six REAs are presented using an alpha scale from 'AAA' being the highest rating to 'C' being the lowest rating. The ratings correspond to Thomas Murray's assessment of risk exposure based on relevant factors influencing each risk exposure evaluated. They take into account the structures, procedures, resources and controls used within the central securities depository to minimise investors' risk exposure to potential losses when investing in the country.

For further information please contact: John Woodhouse at Thomas Murray, Tel: +44 (0)20 7830 8300