$1trn+ SEF trades via MarkitSERV in 10 days

London and New York - 21 October 2013

Markit, a leading, global financial information services company, today announced that MarkitSERV has handled more than $1 trillion of swaps traded on swap execution facilities (SEFs) in the first ten business days of SEF trading.

The highest volume of SEF trading has been in interest rate derivatives. MarkitSERV was used to report the vast majority of interest rate trades reported to DTCC’s DDR Swap Data Repository since SEF trading started on October 2nd.

Eight SEFs are using MarkitSERV for some or all of trade routing to clearinghouses, SEF confirmation and regulatory reporting. Market participants trading on SEFs are able to receive real time electronic trade messaging via MarkitSERV using existing interfaces, and can monitor the clearing, reporting and confirmation status of their transactions.

Henry Hunter, global head of derivatives processing at Markit, said: “MarkitSERV has worked with industry participants and SEFs to deliver an integrated and flexible workflow which meets everyone’s needs as new regulatory requirements come into force.

“Our focus on enhancing our existing connectivity and data formats has meant our customers can minimise their compliance costs and focus on their core business.”

MarkitSERV’s services are available for a wide range of swap products across rates, credit, foreign exchange and equity derivatives.

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