Markit Launches Electronic Matching Service for Affirmations
Markit has announced the launch of a new electronic affirmation service within Markit Trade Processing (MTP). The company claims that its new service, which builds on an existing affirmation model, can electronically match trades between counterparties prior to confirmation. MTP is designed to reduce client risk by automating the post-trade lifecycle for all OTC derivative instruments. Last month, the service processed in excess of 60,000 trades. MTP provides trade date affirmation and trade confirmation through industry utilities such as the Depository Trust & Clearing Corporation (DTCC). The platform also supports non-straight-through processing (STP) workflow, enabling clients to process paper confirmations in an automated manner. The first dealers to sign up to the new platform are Bear Stearns, Goldman Sachs and Lehman Brothers.