Markit and The Depository Trust & Clearing Corporation (DTCC) have launched MarkitSERV, a new company that combines the two organizations’ electronic trade confirmation and workflow platforms to provide a single gateway for over-the-counter (OTC) derivative trade processing.
Jointly owned by DTCC and Markit, MarkitSERV combines the DTCC Deriv/SERV and Markit Wire trade confirmation platforms to cover all major asset classes including credit, interest rate, equity and commodity derivatives. The new company includes the Markit and DTCC flagship trade processing services for affirmation, confirmation, novation, allocation and reconciliation.
“We believe the launch of MarkitSERV will be tranformational for the financial community that has been looking for more streamlined and automated confirmation of OTC derivative instruments globally,” says Michael C. Bodson, executive managing director of DTCC Business Management and Strategy and chairman of MarkitSERV. “We’ve listened to our customers and by combining the expertise of these two very successful organizations, we be able to further extend benefits to a wider user base and across a more diverse range of financial instruments.”
For more about MarkitSERV please click here.