MarkitSERV launched

Michael C. Bodson, Executive Managing Director, DTCC Business Management and Strategy, and Chairman of MarkitSERV: "We believe the launch of MarkitSERV will be tranformational for the financial community." Markit and The Depository Trust & Clearing Corporation (DTCC) have launched MarkitSERV, a new company that combines the two organisations' electronic trade confirmation and workflow platforms to provide a single gateway for over-the-counter (OTC) derivative trade processing.Jointly owned by DTCC and Markit, MarkitSERV combines the DTCC Deriv/SERV and Markit Wire trade confirmation platforms to cover all major asset classes including credit, interest rate, equity and commodity derivatives. The new company includes the Markit and DTCC trade processing services for affirmation, confirmation, novation, allocation and reconciliation.The initiative was first announced in July last year, subject to completion of due diligence, regulatory filings and approval by relevant global regulators. Last month, Markit and DTCC announced that due diligence was complete and MarkitSERV had received regulatory approval from the U.K. Financial Services Authority and the U.S. Department of Justice."We believe the launch of MarkitSERV will be tranformational for the financial community that has been looking for more streamlined and automated confirmation of OTC derivative instruments globally," said Michael C. Bodson, Executive Managing Director of DTCC Business Management and Strategy, and Chairman of MarkitSERV. "We've listened to our customers and by combining the expertise of these two very successful organizations, we be able to further extend benefits to a wider user base and across a more diverse range of financial instruments."Lance Uggla, Chief Executive Officer of Markit, said: "MarkitSERV combines the individual strengths of Markit and DTCC's trade processing services to provide a single electronic platform for the OTC derivative markets. This initiative represents an important milestone at a time of stime of significant change in the financial markets, and will provide the industry with the framework it needs to improve efficiency and reduce risk."Jeff Gooch, Chief Executive Officer of MarkitSERV, said: "MarkitSERV is now live, providing market participants with a single electronic gateway for trade processing across asset classes. We look forward to working with the buy-side and sell-side to help them reduce operational risk and adopt clearing in the OTC derivative markets, in line with their commitments to global regulators."

source:-automatedtrader.net/news