Financial Markets Infrastructure

Firms must attract and retain the best talent across risk, default, and operational management to ensure they reduce their risk, while operating with limited budgets and demanding governance standards. Our clients benefit from benchmarked executive and staff compensation data tied to measures of user satisfaction with the services.

Challenges in the Current Landscape

Global securities markets are supported by a variety of financial market infrastructures (FMIs). There are about 150 central securities depositories (CSDs) that hold securities in dematerialized form to facilitate their electronic transfer between accounts in central or commercial bank money. A separate class of 86 central counterparty clearing houses (CCPs) guarantee transactions between execution and settlement by acting as counterparty to all trades and netting positions between their members.

Every securities transaction has a cash component that is settled by transfers between the accounts custodians maintain at the central bank. Central banks operate more than 110 real-time gross settlement systems (RTGSs) and settle high-value payments grossly, on-by-one, and in real-time.

In most markets cash payments are submitted by separate automated clearing houses (ACHs) that are owned and controlled by the commercial banks. The ACHs aggregate and net mostly low value payments between banks before submitting them to the RTGS for final settlement between accounts at the central bank. These FMIs exist to reduce risk, but the risks do not disappear and take multiple forms. In fact, they have attracted the attention of the international banking and securities regulators, which have created a list of 24 principles by which they should organize and manage themselves and their users and mitigate the credit, collateral, margin, liquidity, settlement, custody, investment, and inter-operability risks they run.

These principles are designed to ensure no FMI ever fails completely. This means FMIs must attract and retain employees of the highest calibre across risk, default, and operational management, while operating to limited budgets and unusually demanding standards of governance.

Gain Access to Compensation and Client Experience Data

We work with clients to provide strategic insights and up-to-date information enabling clients to:

  • Understand pay practices in the sector with comprehensive executive and staff pay market benchmarks by role and function
  • Gain access to staff feedback for increased engagement
  • Receive user feedback on services and understand user priorities

Market Infrastructure Compensation and Customer Intelligence

Our team provides surveys that help that provide comprehensive compensation and customer satisfaction data. Our surveys include:

  • CCP Compensation
  • CCP Clearing Broker Customer Satisfaction
  • CSD Compensation
  • CSD Custodian Bank Customer Satisfaction
  • Payments FMIs Compensation
  • Payments (ACH) Bank Customer Satisfaction
  • Payments (RTGS) Bank Customer Satisfaction