MarkitSERV, the most widely-used electronic trade processing service for OTC derivative transactions, today announced that its regulatory reporting and central clearing solutions for OTC derivatives have earned the “OTC Infrastructure Service of the Year” award from Risk magazine. Risk is the leading publication for financial risk management and the global derivatives markets.
According to Risk, MarkitSERV successfully developed its regulatory reporting solution despite multiple challenges arising “in part because of the timing issues – but also because the rules themselves are more complex than they first appear.” Referring to the connectivity MarkitSERV provides to central counterparties (CCPs) worldwide, Risk noted that “the list of CCP connections completed in 2012 alone is impressive.”
Jeff Gooch, CEO of MarkitSERV, said: “We are honoured to have our work recognised through this high-profile award from Risk. The pace of change in the derivatives market has been extraordinary and we have embraced the opportunity to help the industry migrate from bilateral trading to a more technologically-complex, multilateral market that requires a higher degree of information sharing and connectivity to more venues and participants.”
MarkitSERV is unique in providing venue-neutral, global connectivity for OTC derivatives across asset classes, offering an efficient way to connect electronically to 12 CCPs. In 2012, MarkitSERV added CCP integrations in Poland (KDPW_CCP), Japan (JSCC), France (LCH.Clearnet SA), and the Nordic region (NASDAQ OMX). Its tools for regulatory reporting are helping the industry meet initial deadlines for mandatory reporting of swaps, the first of which was December 31 2012 for reporting to the CFTC. Last year, MarkitSERV also added innovative STP solutions for FX clearing to the services it offers for credit, interest rate and equity derivatives.
MarkitSERV’s derivatives middleware service reduces operational risk and improves efficiency throughout the global derivatives market. MarkitSERV provides comprehensive post-trade services for interest rate, credit, equity and foreign exchange derivatives as well as venue-neutral connections that link more than 2,500 market participants to multiple CCPs, trade repositories and electronic execution venues worldwide.
80% of European and North American asset managers with $10-100 billion AUM will use the cloud for data management by end of 2020 LONDON (September 25,...View article
IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, today announced that it was named Best Data Provider ...View article