Asset Servicing Times: New data shows ‘significant deterioration’ across a number of financial counterparties

Credit Benchmark’s Financial Counterpart Monitor has been highlighted in a story published by Asset Servicing Times, noting the declining credit quality of some groups of financial counterparts:

David Carruthers, head of research at Credit Benchmark, says the latest consensus data show “significant deterioration” across a number of different financial counterparties.

He explains: “The so-called ‘plumbing’ of the financial markets, including custodians and sub-custodians, prime brokers, and CCP members, many of which are unrated by main agencies, all saw credit quality declines.”

As seen in recent months, Carruthers notes these players are important for the orderly operation of markets. Ascertaining the creditworthiness of these intermediaries may allow counterparties to get ahead of potential challenges.

In addition, Carruthers identifies there was considerable deterioration in many regional banking sectors, including those in the APAC region and in Latin America.

Asset Servicing Times, April 15, 2021.

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Credit Benchmark brings together internal credit risk views from over 40 leading global financial institutions. The contributions are anonymized, aggregated, and published in the form of consensus ratings and aggregate analytics to provide an independent, real-world perspective of credit risk. Risk and investment professionals at banks, insurance companies, asset managers and other financial firms use the data for insights into the unrated, monitoring and alerting within their portfolios, benchmarking, assessing and analyzing trends, and fulfilling regulatory requirements and capital.