More NewsDTCC and Markit to Form Strategic OTC Derivatives Partnership

DTCC and Markit to Form Strategic OTC Derivatives Partnership

Markit and The Depository Trust & Clearing Corporation (DTCC) have announced the formation of a new company that will combine Markit’s front- and middle-office trade processing services with DTCC Deriv/SERV’s back-office role in post-trade confirmation and matching services. The new company is being formed to provide a single gateway for confirming over-the-counter (OTC) derivative transactions globally. This aims to allow buy-side and sell-side OTC derivative market participants to confirm trades and to gain access to additional services provided by Markit and DTCC through a common portal. The new company will comprise Markit’s recently acquired Markit Wire platform (formerly SwapsWire) as well as its other trade processing services such as Markit Trade Manager, Markit Tie Out and Markit PortRec. DTCC will contribute its Deriv/SERV matching and confirmation engine, and its AffirmXpress, MCA Xpress and Novation Consent services. Additional services that will not become part of the new company include Markit’s data and valuation services and DTCC’s downstream Trade Information Warehouse, centralised settlement and payment netting services. The new company will also offer automated trade affirmation, trade allocation and novation consent solutions to the market on a cross-product basis. It will initially support both DTCC’s and Markit’s confirmation platforms.

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha