The Melbourne Cup is a Group 1 handicap, and a compressed handicap at that, with just 12lbs covering the entire 24-runner field. It is somewhat similar to the Grand National, given the weights are framed early, although horses can pick up penalties if they win after the weights come out. This explains why many run as late as last weekend, as they need to gain a penalty in order to get into the top 24.

The other similarity to the National is that the handicapper has to decipher form from horses outside the race’s jurisdiction. In essence this is much more difficult than the Aintree job because, whereas there are only really two jurisdictions competing in the National, the Melbourne Cup has become a truly global race. Australia, New Zealand, Japan, Ireland and Britain are all represented in Tuesday's contest.

It must be a challenge for the Australian handicapper to decipher the form of foreign raiders and apply it to the weights and perhaps, unsurprisingly, there are discrepancies.

The below table contains the ratings of all the British and Irish-trained horses, and the ones just bought recently, before they left for Australia. Luckily for this exercise, Cross Counter, last year’s winner, tops the weights and so provides a good line to the other British and Irish-trained runners as he raced against most of them this summer.

Both Master Of Reality and Magic Wand are, strictly on ratings, the best treated. That is to say, they are both 5lbs better off than if this race was held in Europe.

Master Of Reality has been beaten by a few of his compatriots in the table above but he earned his 118 rating off the back of a brilliant third to Stradivarius in the Ascot Gold Cup. Interestingly that run came on soft ground and it has been raining solid in Melbourne today. If it turned into a real slog, he’d have to come into calculations, with Frankie Dettori booked.

Magic Wand’s form really stacks up, especially after the weekend. Her 114 rating was achieved off the back of a very good third to Magical in the Irish Champion Stakes and her other form this season includes a second to Breeders’ Cup Turf winner Bricks And Mortar and to Breeders’ Cup Filly & Mare winner Iridessa. The worry for her is her nightmare draw of 24 and whether she can stay this trip on rain-softened ground.

It’s interesting to note that Constantinople, favourite for the race in recent weeks, comes out quite well comparatively as well. His main performance was a close second to subsequent classy Leger winner Logician but many in this part of the world will question his willingness, especially in a race as tough as this.

Of course these ratings don’t allow for a horse’s ability to perform in Australia. Prince Of Arran looks one of the worst treated, however he has proven Australian form which surely counts for a lot. He, Downdraft and Hunting Horn have all won in Australia since these weights have been published but, interestingly, the latter two don’t have to carry a penalty for their wins. That makes both of those runners interesting and there has been plenty of money for Downdraft with the British and Irish firms today.

Hunting Horn looks worth a go at 40/1. Similarly to Magic Wand, he has never been tried over two miles but this is a template Aidan O’Brien has been keen to explore - Rostropovich was primarily a 10-12-furlong performer before finishing fifth in the race last season. Unlike Magic Wand, Hunting Horn has a good draw and some of his best form is on soft ground - namely finishing sixth to Crystal Ocean in the Prince of Wales’s Stakes.