MarkitSERV, Markit’s electronic trade-processing platform for OTC derivatives, is set to acquire Logicscope Limited, a provider of post-trade workflow solutions and straight-through-processing (STP) for foreign exchange (FX) transactions.
Over the last year, MarkitSERV has been working with the industry to expand its service to support trade processing and clearing for the foreign exchange industry.
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According to Markit, Logicscope’s TradeSTP trade-processing technology and connectivity to more than 60 liquidity providers (banks, brokers, exchanges and electronic crossing networks) and 400 financial institutions (banks, hedge funds, asset managers and corporates) will enable MarkitSERV to enhance its FX service offering significantly.
Jeff Gooch, CEO of MarkitSERV, says Logicscope’s complementary technology and product suite will enable the firm to offer the same standards of trade processing, connectivity and compliance to FX market participants as it currently offers for credit, rates and equity derivatives.
Logiscope has been working closely with leading ECN brokers including FXCM Pro and Squared financial.