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Markit and HKEx connect for OTC rates & FX clearing

Markit today announced that MarkitSERV, its global electronic trade processing service for over-the-counter derivatives, now connects customers to OTC Clearing Hong Kong Ltd (OTC Clear), the OTC derivatives clearing service established by OTC Clear started clearing interest rates and FX derivatives on November 25th 2013.

MarkitSERV is the first global trade processing middleware service to connect to OTC Clear. MarkitSERV will also connect customers to the Hong Kong Monetary Authority’s new trade repository and will provide workflows to facilitate compliance with trade reporting requirements in Hong Kong from early December onwards.

Henry Hunter, managing director and global head of derivatives processing at Markit, said: “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.”

Globally, MarkitSERV provides market participants and execution venues with a highly effective single point of access to 15 clearinghouses worldwide and an integrated, multi asset class service for the management of trade confirmation, clearing, allocation of block trades and regulatory reporting in several jurisdictions.

In Asia, MarkitSERV connects its 2,600+ customers to the derivatives clearing services run by the Australian Securities Exchange (ASX), Japan Securities Clearing Corporation (JSCC) and the Singapore Exchange (SGX).