Thomas Murray, the specialist custody rating, risk management and research firm has issued a Public Depository Rating of AA to CDS Clearing and Depository Services Inc (CDS).
The AA rating as assigned by Thomas Murray recognises the very strong procedures and controls applied within CDS in order to minimise risk for market participants. The outlook has been assigned as Stable which suggests that there are no imminent developments that may change the rating at this stage.
CDS is the sole depository for all eligible securities in Canada. It operates on a non-profit basis and is owned by the Canadian Depository for Securities Limited (CDS Limited), the holding company for the CDS Group.
“Thomas Murray is pleased to have assessed CDS’s existing clearing and settlement model and its risk minimisation procedures for participants,” says Simon Thomas, CEO and Chief Ratings Officer of Thomas Murray. “CDS has put in place very strong controls and procedures in order to minimise risk.”