Markit today announced that MarkitSERV Credit Centre was voted the “Most Innovative New Data Product/Service” in the 2013 Awards for Excellence in Trading and Technology presented by Financial News. Credit Centre was selected by an industry panel of experts from a number of finalists.
MarkitSERV Credit Centre solves the challenge of real time credit and risk management required by the industry in order to trade and clear over the counter (OTC) derivatives efficiently using swap execution facilities (SEFs).
Jeffrey Maron, managing director at Markit, said: “We are honoured that both Financial News and the industry recognized the importance of our service with this award. To achieve pre trade clearing certainty, the market requires robust new technological solutions. As SEF execution takes hold in the industry, MarkitSERV Credit Centre will play a central role in providing the certainty required for efficient electronic trading of OTC derivatives. Our service was designed in consultation with SEFs, futures commission merchants, clearinghouses and the buy side in order to create a solution that benefits all market participants.”
The ultra-low-latency system for pre trade credit checking provided by Credit Centre is powered by TRADExpress software from Cinnober, a leading global supplier of proven, robust solutions and services to major trading and clearing venues.
Credit Centre gives trading firms control over how their credit line is deployed and prevents the fragmentation of credit lines among multiple SEFs. The service also keeps the size of credit lines private – a trading venue only receives confirmation of whether a party has sufficient credit to do a trade.
Today, Credit Centre supports OTC interest rate, FX and credit default swaps. Future product coverage will include equities, commodities, futures, options and bilateral risk.