MarkitSERV, an electronic trade processing service for over-the counter (OTC) derivative transactions and Misys have partnered to offer an end-to-end solution for Misys Confirmation Matching Service (CMS) customers to deliver foreign exchange (FX) derivative trades to central clearing counterparties (CCPs).
This offering will integrate the MarkitSERV FX clearing gateway – the single point of access to all FX CCPs used by executing brokers, clearing brokers, trading venues and buy side firms – with the Misys CMS, the post-trade treasury solution used by over 1,000 banks, brokers, fund managers and corporate treasurers to improve trading efficiency and reduce risk.
The partnership will allow Misys CMS customers to use MarkitSERVs SWIFT interface (and industry-standard SWIFT MT300 messages), MarkitSERVs connectivity for FX clearing validation and clearing broker acceptance and its network to transmit trade notifications to designated FX CCPs. As a result, CMS clients will be equipped to centrally clear OTC FX transactions, as required by Dodd-Frank and EMIR. Other jurisdictions are expected to also make it mandatory to clear FX.
Keith Tippell, director and co-head of FX at MarkitSERV, said: In this fast-changing and uncertain environment, our collaboration with Misys leverages the synergies between our respective services to deliver superior, scalable and high performance access to end-to-end processing of new FX clearing flows to all CMS customers.
Gilmore Bray, director, Misys Global Managed Services, said: Misys CMS will utilise the SWIFT network to deliver trades to MarkitSERV on behalf of our clients, eliminating any infrastructure investment or ongoing development cost to comply with the regulatory requirements.
(JDC)