Global provider of financial information services strikes a deal with a major stock and derivatives exchange in Asia, as it broadens its coverage in the region, and adding to its global OTC clearing gateway.
With offices in over 20 locations across the globe, Markit, a global financial information services company catering to the needs of investment banks, hedge funds, asset managers, central banks, regulators, auditors, fund administrators and insurance companies, has today announced that MarkitSERV, its global electronic trade processing service for over-the-counter derivatives, now connects customers to OTC Clearing Hong Kong Ltd. (OTC Clear).
Established by Hong Kong Exchanges and Clearing Limited (HKEx), OTC Clear is an OTC derivatives clearing service that started clearing interest rates and FX derivatives on November 25, 2013, and MarkitSERV is the first global trade processing middleware service to connect to it, as per the announcement.
Commenting in the official corporate press release, Henry Hunter, managing director and global head of derivatives processing at Markit said:
“We worked very closely with HKEx and our customers to deliver a solution that provides an efficient way to manage the trade flows for central clearing. 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.”
HKMA Reporting from Early December
According to the official press release, MarkitSERV will also connect customers to the Hong Kong Monetary Authority’s (HKMA's) new trade repository and will provide workflows to facilitate compliance with trade reporting requirements in Hong Kong from early December onwards. This deal expands an already strong offering in Asia where MarkitSERV connects over 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).
On its website, Markit lists its MarkitSERV product - which covers multiple asset classes, of these, foreign exchange instruments include FX spot, forwards, options and non-deliverable forwards (NDF).
MarkitSERV is just one of an extensive library of products covering the financial services markets' spectrum, thus indicating the broad coverage the company has gained.
Hong Kong Exchanges and Clearing Limited (HKEx)
Created by HKEx, as a Central Counter-Party (CCP), OTC Clear assumes the counterparty risks associated with the trades it clears thus mitigating said risk from financial market participants which would otherwise be the counter-party to respective clients' trades. OTC Clear’s rights and Obligations to the trades remain outstanding until the trades have reached their maturities or are de-cleared from OTC Clear, according to information on the HKEx website.
Keeping up with Regulatory Changes
In its latest annual report, HKMA highlighted, among other reporting functions, the transaction reporting function with regards to OTC derivatives, trade repository for supporting mandatory reporting under the existing regulatory regime in Hong Kong as having been scheduled for launch by mid-2013, just prior to the target implementation date of the regulatory regime itself.
Development of the trade repository system’s next phase was noted as commencing in 2013, with focus on including the remaining most commonly traded products in the local market, and those requested to be added by regulatory authorities subsequently, and as scheduled for completion by mid-2014, according to the 2012 annual report for HKMA.
With offices in over 20 locations across the globe, Markit, a global financial information services company catering to the needs of investment banks, hedge funds, asset managers, central banks, regulators, auditors, fund administrators and insurance companies, has today announced that MarkitSERV, its global electronic trade processing service for over-the-counter derivatives, now connects customers to OTC Clearing Hong Kong Ltd. (OTC Clear).
Established by Hong Kong Exchanges and Clearing Limited (HKEx), OTC Clear is an OTC derivatives clearing service that started clearing interest rates and FX derivatives on November 25, 2013, and MarkitSERV is the first global trade processing middleware service to connect to it, as per the announcement.
Commenting in the official corporate press release, Henry Hunter, managing director and global head of derivatives processing at Markit said:
“We worked very closely with HKEx and our customers to deliver a solution that provides an efficient way to manage the trade flows for central clearing. 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.”
HKMA Reporting from Early December
According to the official press release, MarkitSERV will also connect customers to the Hong Kong Monetary Authority’s (HKMA's) new trade repository and will provide workflows to facilitate compliance with trade reporting requirements in Hong Kong from early December onwards. This deal expands an already strong offering in Asia where MarkitSERV connects over 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).
On its website, Markit lists its MarkitSERV product - which covers multiple asset classes, of these, foreign exchange instruments include FX spot, forwards, options and non-deliverable forwards (NDF).
MarkitSERV is just one of an extensive library of products covering the financial services markets' spectrum, thus indicating the broad coverage the company has gained.
Hong Kong Exchanges and Clearing Limited (HKEx)
Created by HKEx, as a Central Counter-Party (CCP), OTC Clear assumes the counterparty risks associated with the trades it clears thus mitigating said risk from financial market participants which would otherwise be the counter-party to respective clients' trades. OTC Clear’s rights and Obligations to the trades remain outstanding until the trades have reached their maturities or are de-cleared from OTC Clear, according to information on the HKEx website.
Keeping up with Regulatory Changes
In its latest annual report, HKMA highlighted, among other reporting functions, the transaction reporting function with regards to OTC derivatives, trade repository for supporting mandatory reporting under the existing regulatory regime in Hong Kong as having been scheduled for launch by mid-2013, just prior to the target implementation date of the regulatory regime itself.
Development of the trade repository system’s next phase was noted as commencing in 2013, with focus on including the remaining most commonly traded products in the local market, and those requested to be added by regulatory authorities subsequently, and as scheduled for completion by mid-2014, according to the 2012 annual report for HKMA.
Retail Broker Acetop UK Quadruples 2023 Revenue, Significantly Narrows Losses
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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