MarkitSERV Announces Connection To NASDAQ OMX For FX Clearing
- Post-trade processing company MarkitSERV has today announced that it has connected to NASDAQ OMX, becoming the first middleware provider to deliver FX trades for clearing to the firm.

Post-trade processing provider MarkitSERV today announced that it has connected to NASDAQ OMX, in order to deliver foreign exchange (FX) trades for clearing.
Providing clearing connectivity to NASDAQ OMX, quantifies MarkitSERV as the first middleware provider to deliver FX trades to the firm which provides systems to assist with financial transactions performed on exchanges, mainly located in the Nordic and Eastern European regions.
The connectivity is intended to increase the ability to serve the global FX industry’s growing need to connect to multiple clearinghouses (CCPs) and trade reporting facilities.
MarkitSERV, whose Dodd-Frank compliant solution emerged on March 11 this year, two weeks ago confirmed that 600,000 trades had been sent for clearing via the company’s processing system, first connected to NASDAQ OMX for clearing interest rate Swaps Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of SwapsCommon types of swaps include interest rate swaps, commodity swaps, currency swaps, and debt-equity swaps.Interest rate swaps are used to hedge against interest rate risk and involve cash flows exchanged between two parties that are comprised of a notional principal amount. A financial intermediary or a bank is used for swaps but these are dependent upon both party’s comparative advantage.Commodity swaps use the exchange of a floating commodity price, with a predetermined set price for a specific period while crude oil is the most heavily swapped commodity. Meanwhile, currency swaps involve the exchange of principal payments of debt and interest that are denominated in different currencies. An example of a currency swap would be when the U.S. Federal Reserve conducted a swap with central banks of Europe during the 2010 European financial crisis.Used as a way to reallocate capital structure or refinance debt, a debt-equity swap deals with the exchange of debt for equity. For instance, a public traded company would issue bonds for stocks. Swaps are not exchange-traded instruments but rather customized contracts traded in an over-the-counter market between parties. While the swaps industry is primarily used by firms and financial institutions, retail traders have been known to participate although there is always a risk of counterparty’s defaulting on agreed-upon swaps. Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of SwapsCommon types of swaps include interest rate swaps, commodity swaps, currency swaps, and debt-equity swaps.Interest rate swaps are used to hedge against interest rate risk and involve cash flows exchanged between two parties that are comprised of a notional principal amount. A financial intermediary or a bank is used for swaps but these are dependent upon both party’s comparative advantage.Commodity swaps use the exchange of a floating commodity price, with a predetermined set price for a specific period while crude oil is the most heavily swapped commodity. Meanwhile, currency swaps involve the exchange of principal payments of debt and interest that are denominated in different currencies. An example of a currency swap would be when the U.S. Federal Reserve conducted a swap with central banks of Europe during the 2010 European financial crisis.Used as a way to reallocate capital structure or refinance debt, a debt-equity swap deals with the exchange of debt for equity. For instance, a public traded company would issue bonds for stocks. Swaps are not exchange-traded instruments but rather customized contracts traded in an over-the-counter market between parties. While the swaps industry is primarily used by firms and financial institutions, retail traders have been known to participate although there is always a risk of counterparty’s defaulting on agreed-upon swaps. Read this Term in 2012.

In addition to this, MarkitSERV has to date processed approximately 100,000 FX non-deliverable forward (NDF) submissions, and its gateway has been used for the vast majority of the $1+ trillion in notional value of cleared NDF trades.
He further explained the corporate direction borne out by regulatory changes in that: “we are approaching FX with a broad offering of clearable products, in order to satisfy all of the drivers our members have to clear FX. MarkitSERV will be a vital element in helping NASDAQ OMX’s members, to satisfy their regulatory requirements in clearing FX, and to provide the tools to navigate the new regulatory environment.”
Keith Tippell, Director and Co-Head of FX at MarkitSERV, concluded that: “We are delighted to extend our relationship with NASDAQ OMX to FX clearing. We share a mutual commitment to delivering efficient solutions for managing risk and meeting regulatory requirements. We look forward to working with NASDAQ OMX and to applying our deep experience in managing clearing workflows to support FX clearing in the Nordic region.”
Post-trade processing provider MarkitSERV today announced that it has connected to NASDAQ OMX, in order to deliver foreign exchange (FX) trades for clearing.
Providing clearing connectivity to NASDAQ OMX, quantifies MarkitSERV as the first middleware provider to deliver FX trades to the firm which provides systems to assist with financial transactions performed on exchanges, mainly located in the Nordic and Eastern European regions.
The connectivity is intended to increase the ability to serve the global FX industry’s growing need to connect to multiple clearinghouses (CCPs) and trade reporting facilities.
MarkitSERV, whose Dodd-Frank compliant solution emerged on March 11 this year, two weeks ago confirmed that 600,000 trades had been sent for clearing via the company’s processing system, first connected to NASDAQ OMX for clearing interest rate Swaps Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of SwapsCommon types of swaps include interest rate swaps, commodity swaps, currency swaps, and debt-equity swaps.Interest rate swaps are used to hedge against interest rate risk and involve cash flows exchanged between two parties that are comprised of a notional principal amount. A financial intermediary or a bank is used for swaps but these are dependent upon both party’s comparative advantage.Commodity swaps use the exchange of a floating commodity price, with a predetermined set price for a specific period while crude oil is the most heavily swapped commodity. Meanwhile, currency swaps involve the exchange of principal payments of debt and interest that are denominated in different currencies. An example of a currency swap would be when the U.S. Federal Reserve conducted a swap with central banks of Europe during the 2010 European financial crisis.Used as a way to reallocate capital structure or refinance debt, a debt-equity swap deals with the exchange of debt for equity. For instance, a public traded company would issue bonds for stocks. Swaps are not exchange-traded instruments but rather customized contracts traded in an over-the-counter market between parties. While the swaps industry is primarily used by firms and financial institutions, retail traders have been known to participate although there is always a risk of counterparty’s defaulting on agreed-upon swaps. Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of SwapsCommon types of swaps include interest rate swaps, commodity swaps, currency swaps, and debt-equity swaps.Interest rate swaps are used to hedge against interest rate risk and involve cash flows exchanged between two parties that are comprised of a notional principal amount. A financial intermediary or a bank is used for swaps but these are dependent upon both party’s comparative advantage.Commodity swaps use the exchange of a floating commodity price, with a predetermined set price for a specific period while crude oil is the most heavily swapped commodity. Meanwhile, currency swaps involve the exchange of principal payments of debt and interest that are denominated in different currencies. An example of a currency swap would be when the U.S. Federal Reserve conducted a swap with central banks of Europe during the 2010 European financial crisis.Used as a way to reallocate capital structure or refinance debt, a debt-equity swap deals with the exchange of debt for equity. For instance, a public traded company would issue bonds for stocks. Swaps are not exchange-traded instruments but rather customized contracts traded in an over-the-counter market between parties. While the swaps industry is primarily used by firms and financial institutions, retail traders have been known to participate although there is always a risk of counterparty’s defaulting on agreed-upon swaps. Read this Term in 2012.

In addition to this, MarkitSERV has to date processed approximately 100,000 FX non-deliverable forward (NDF) submissions, and its gateway has been used for the vast majority of the $1+ trillion in notional value of cleared NDF trades.
He further explained the corporate direction borne out by regulatory changes in that: “we are approaching FX with a broad offering of clearable products, in order to satisfy all of the drivers our members have to clear FX. MarkitSERV will be a vital element in helping NASDAQ OMX’s members, to satisfy their regulatory requirements in clearing FX, and to provide the tools to navigate the new regulatory environment.”
Keith Tippell, Director and Co-Head of FX at MarkitSERV, concluded that: “We are delighted to extend our relationship with NASDAQ OMX to FX clearing. We share a mutual commitment to delivering efficient solutions for managing risk and meeting regulatory requirements. We look forward to working with NASDAQ OMX and to applying our deep experience in managing clearing workflows to support FX clearing in the Nordic region.”