Markit Adds Clearing Connectivity in Hong Kong

MarkitSERV, the electronic trade processing service for over-the-counter derivatives from Markit, has added connectivity to OTC Clearing Hong Kong (OTC Clear), the OTC derivatives clearing service established by Hong Kong Exchanges and Clearing (HKEx).
By Jake Safane(2147484770)
MarkitSERV, the electronic trade processing service for over-the-counter derivatives from Markit, has added connectivity to OTC Clearing Hong Kong (OTC Clear), the OTC derivatives clearing service established by Hong Kong Exchanges and Clearing (HKEx).

The connectivity gives MarkitSERV users the ability to use OTC Clear for clearing interest rates and foreign exchange derivatives, and MarkitSERV is the first trade processing service of its kind to connect to OTC Clear.

In addition to OTC Clear, MarkitSERV is also connecting with the Hong Kong Monetary Authority’s new trade repository, and in December, MarkitSERV will provide users with compliance workflows for trade reporting in Hong Kong.

“We worked very closely with HKEx and our customers to deliver a solution that provides an efficient way to manage the trade flows for central clearing. The addition of HKEx to our global OTC clearing gateway serves customers in this very important region and reinforces our commitment to delivering the most flexible, efficient and future-proof clearing solution for the OTC market,” says Henry Hunter, managing director and global head of derivatives processing at Markit.

OTC Clear is MarkitSERV’s 15th clearinghouse connection globally, and in Asia, MarkitSERV also connect to clearing services run by the Japan Securities Clearing Corporation (JSCC) and the Singapore Exchange (SGX).

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