Markit and HKEx Connect for OTC rates and FX Clearing

Markit said that MarkitSERV, its global electronic trade processing service for over-the-counter (OTC) derivatives, now connects customers to OTC Clearing Hong Kong Ltd (OTC Clear), the OTC derivatives clearing service established by OTC Clear and started clearing interest rates and foreign exchange (FX) derivatives on 25 November.

MarkitSERV is the first global trade processing middleware service to connect to OTC Clear. It will also connect customers to the Hong Kong Monetary Authority’s (HKMA) new trade repository and will provide workflows to facilitate compliance with trade reporting requirements in Hong Kong beginning early next month.

“We worked very closely with Hong Kong Exchanges and Clearing (HKEx) and our customers to deliver a solution that provides an efficient way to manage the trade flows for central clearing,” said Henry Hunter, managing director and global head of derivatives processing at Markit.

“The addition of HKEx to our global OTC clearing gateway serves customers in this very important region and reinforces our commitment to delivering the most flexible, efficient and future-proof clearing solution for the OTC market.”

In Asia, MarkitSERV already connects more than 2,600 customers to the derivatives clearing services run by the Australian Securities Exchange (ASX), Japan Securities Clearing Corporation (JSCC) and the Singapore Exchange (SGX).

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