MarkitSERV sees 48% clearing volume rise

Aug 27, 2013
MarkitSERV sees 48% clearing volume rise

Post-trade processing specialist specialist MarkitSERV has seen a jump in buy-side subscriptions as Dodd-Frank Act rules mandating post-trade reporting and clearing of OTC derivatives kicked in.

The firm also saw a significant jump in use of its clearing connectivity service, which processed over 600,000 trades between March 11 and the end of July.

In anticipation of new clearing rules, the volume of trades submitted for clearing through MarkitSERV leapt up 48% from the same period in 2012. This figure includes more than 120,000 “client” trades, those in which at least one party is not a member of a clearinghouse. Over 300 new buy-side subscribers signed up after they were phased into the regulations requiring the post-trade reporting and clearing of certain OTC derivatives in June.

MarkitSERV recently added LCH. Clearnet to its roster of clearing providers in June. Other CFTC-registered derivatives clearing organisations (DCOs) with connectivity to MarkitSERV include CME, ICE Clear Credit, ICE Clear Europe, LCH.Clearnet’s SwapClear US and UK, and Options Clearing Corp.

It is also linked with Eurex Clearing AG and LCH. Clearnet-owned CDSClear, which both have DCO applications pending.

The mandatory clearing of certain OTC derivatives, including interest rate swaps and credit default swaps, came into effect on 11 March and is being implemented in three stages. Most buy-side firms were required to comply with the rules from 10 June.

Henry Hunter, managing director and head of product management for MarkitSERV, said: “The CFTC’s Category 2 deadline affected a large number of firms and the industry has accomplished a lot in a short time. MarkitSERV gives customers a practical cross-asset solution that helps them process, clear and report OTC derivative transactions.”

SWIFT and MarkitSERV Partner on FX Clearing

SWIFT has signed an agreement with MarkitSERV to route its users’ foreign exchange (FX) non-deliverable forward (NDF) transactions to the firm’s FX clearing gateway, which will direct the trades to multiple FX central clearing counterparties (CCPs).

via Pocket April 07, 2013 at 05:40PM

Markit buys out DTCC from MarkitSERV – Press Release 5th April 2013

London and New York, NY – Markit, a leading, global financial information services company, today announced that it has acquired the ownership stake in MarkitSERV held by the Depository Trust and Clearing Corporation (DTCC). Markit and DTCC founded MarkitSERV in 2009 as a joint venture that combined the firms’ electronic trade processing services for OTC derivatives.

There will be no changes to the services provided by MarkitSERV to its more than 2,500 customers in the OTC derivatives industry. MarkitSERV will remain a separate entity, currently regulated by the Financial Conduct Authority in the UK.

Jeff Gooch will continue to be Chief Executive Officer of MarkitSERV and Global Head of Processing at Markit.

For further information, please contact:
Alex Paidas
Director, Corporate Communications
Telephone: +1 212 205 7101

Caroline Lumley
Director, Corporate Communications
Telephone: +44 20 7260 2047

Notes to Editors:
About Markit
Markit is a leading, global financial information services company with over 2,800 employees. The company provides independent data, valuations and trade processing across all asset classes in order to enhance transparency, reduce risk and improve operational efficiency. Its client base includes the most significant institutional participants in the financial marketplace. For more information, please see

About MarkitSERV
MarkitSERV provides a single gateway for OTC derivatives trade processing. By integrating trade confirmation, reporting, routing to clearing, allocations and portfolio reconciliation, MarkitSERV provides an end-to-end solution for post-trade transaction management of credit, interest rate, equity and foreign exchange derivatives. MarkitSERV connects dealers and buy-side institutions to central clearing counterparties, trade repositories and electronic swap markets. For more information, please see

TraderTools Connects with MarkitSERV for Post-Trade STP to Enhance its LightFX™ SaaS Deployments

Customers of TraderTools’ next-generation hosted FX trading service to benefit from MarkitSERV’s award-winning STP connectivity TraderTools Inc.

via Pocket April 04, 2013 at 06:20PM

Press Release – 25 March 2013

London and New York, NY – MarkitSERV, the most widely-used electronic trade processing service for OTC derivative transactions, today announced the launch of MarkitSERV Credit Centre, a pre-trade credit checking solution for the OTC derivatives market.

via Pocket March 28, 2013 at 07:28PM

MarkitServ to buy Logicscope

MarkitServ was set up as a joint venture in 2009 by the DTCC and Markit in response to calls from regulators, politicians and market participants for a push towards electronic trade confirmation across the rapidly growing OTC derivative market.

via Pocket December 30, 2012 at 06:51PM

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