Markit has completed the acquisition of SwapsWire and expects to complete the full integration of the company by July this year. According to data from the latest Markit Metrics report, trade confirmation backlogs in credit derivatives stabilised in the first quarter this year to approximately 6,000 trades per dealer per month relative to average monthly trading volumes of 25,000 trades per dealer. However, with OTC derivative markets continuing to grow at a rapid pace, market infrastructure will remain a key concern among regulators. The combination of the Markit and SwapsWire trade processing platforms is designed to give the company critical mass and a global network at a time of increased consolidation in the vendor market. The addition of SwapsWire’s workforce means that Markit now employs over 650 staff globally. Markit acquired SwapsWire from Bank of America, The Bank of Tokyo-Mitsubishi UFJ, Barclays Bank, Bayerische Hypo-und Vereinsbank, BNP Paribas, Calyon, Citi, CDC Ixis Capital Markets, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC Bank, J.P. Morgan Chase, Lehman Brothers, Merrill Lynch, Mizuho Capital Markets, Morgan Stanley, The Royal Bank of Scotland, Societe Generale, Sumitomo Mitsui Banking Corporation, and UBS Investment Bank.
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