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The Palestine Exchange announced that the Counterparty Risk (CR) rating for the Palestine CDS has been upgraded from “A-” to “A” by Thomas Murray Limited. Meanwhile, the overall proprietary rating remains at “A-”. The CR rating upgrade reflects the new DVP settlement arrangements at the Palestine CDS, including the launching of cash settlement processing through the Palestine Monetary Authority (PMA) in March 2013.
Ahmad Aweidah, CEO of the Palestine Exchange said:
"This upgrade corresponds to the PEX performance within best international practices and the recommendations of the International Organization of Securities Commissions (IOSCO) and the Bank for International Settlement (BIS)." Aweidah hoped that this step will enhance investor"s confidence in the Palestine Exchange and attract more investments.
Thomas Murray was established in 1994. It tracks and analyses over 250 custodians globally and monitors the risk of over 100 capital market infrastructures and maintains proprietary assessments of over 130 CSDs globally, it has a strong position as a provider of public and private ratings and risk assessments on global custodians, domestic custodian banks and capital market infrastructures.