MarkitSERV, the electronic trade processing service for over-the counter (OTC) derivative transactions and software group Misys have partnered to launch an end-to-end solution. Aimed at Misys Confirmation Matching Service (CMS) customers, it will deliver foreign exchange (FX) derivative trades to central clearing counterparties (CCPs). MarkitSERV is jointly owned by The Depository Trust & Clearing Corporation (DTCC) and Markit.
The new service will integrate the MarkitSERV FX clearing gateway – the single point of access to all FX CCPs used by executing brokers, clearing brokers, trading venues and buy side firms – with the Misys CMS, the post-trade treasury solution used by over 1,000 banks, brokers, fund managers and corporate treasurers. The connectivity between Misys and MarkitSERV is promoted as offering Misys CMS customers the benefit of seamless access to all FX CCPs and other FX market participants. It will bring volume to Markit’s platform.
The partnership will allow Misys CMS customers to use MarkitSERV’s SWIFT interface (and industry-standard SWIFT MT300 messages); MarkitSERV’s connectivity for FX clearing validation and clearing broker acceptance, as appropriate; and its network to transmit trade notifications to designated FX CCPs. As a result, CMS clients will be equipped to centrally clear OTC FX transactions, as required by Dodd-Frank and the post-crash European Market Infrastructure Regulation (EMIR). Other jurisdictions are expected to also make it mandatory to clear FX in this centralised manner.
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