MarkitSERV

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MarkitSERV
MarkitSERV logo for landing page.gif
Founded 2009
Headquarters London, New York, Tokyo, Singapore
Key People Michael C. Bodson, Chairman; Brad Levy, CEO
Products Trade processing
Website www.markitserv.com/

MarkitSERV is a company launched in September of 2009 by Markit and The Depository Trust & Clearing Corporation (DTCC). The 50/50 joint partnership was started in order to combine the two organizations' electronic trade confirmation and workflow patterns to provide a single gateway for OTC derivative trade processing.[1]

In April 2013, Markit purchased DTCC's share to become full owner of MarkitSERV.[2]

MarkitSERV combines the DTCC Deriv/SERV and Markit Wire trade confirmation platforms to cover all major asset classes including credit, interest rate, equity. forex and commodity derivatives. The new company includes the Markit and DTCC flagship trade processing services for affirmation, confirmation, novation, allocation and reconciliation. It will allow clients to use their existing connectivity to access a wide variety of combined services, rather than requiring them to connect to numerous, asset-class specific trade processing systems.

MarkitSERV was created in response to calls from industry regulators, politicians and participants for greater cooperation over electronic trade confirmation to reduce risk in the OTC derivative markets. More than 50 banks, 50 inter-dealer brokers and 1,200 funds are already connected to the service.

History

The initiative was first announced in July of 2008. MarkitSERV received regulatory approval from the U.K. Financial Services Authority and the U.S. Department of Justice in August 2009.

By 2013, the company became the trade processing provider for over 2500 buy-side firms, 100 dealers and 70 inter-dealer brokers.[3]

On August 20, 2018, Bloomberg reported that Euronext was the lead bidder to acquire IHS MarkitSERV for at least $1 billion.[4] 

Key People

John Lothian News Interview, October, 2013

With the official launch of swap execution facilities (SEFs) on October 2, a new trading structure for OTC products is underway. With almost 20 SEFs operational or in the works, the question for many market participants is how will all the trading and reporting work? JLN editor-in-chief Jim Kharouf sat down with Jeffrey Maron, managing director, product management for MarkitSERV, to talk about the reporting aspect of these swaps transactions. Published October 7, 2013.

References

  1. Markit and DTCC launch OTC derivatives trade processing JV. Finextra.
  2. Markit appoints Gooch as CFO. Financial Times.
  3. About MarkitSERV. Markit.
  4. Euronext considering $1B+ bid for IHS MarkitSERV. Bloomberg via Seeking Alpha.