MarkitSERV Partners with Voice Brokers for FX Affirmation, Regulatory Reporting and Clearing
by
Adil Siddiqui
MarkitSERV, the most widely-used electronic trade processing service for OTC derivatives, has agreed Heads of Terms with four leading FX interdealer brokers (IDBs) to provide voice trade affirmation, regulatory reporting and clearing services for FX transactions. With a single connection into the award-winning MarkitSERV FX trade processing platform, BGC Partners, GFI Group, Tradition and Tullett Prebon would be the first four interdealer brokerage firms to benefit from fully-integrated voice affirmation, clearing and regulatory reporting workflows.
This market-leading initiative is designed to assist IDBs to transition effectively to a regulated FX trading environment, including requirements to execute trades using Swap Execution Facilities (SEFs). By providing seamless access to all FX clearinghouses, clearing brokers and futures clearing merchants, as well as global and regional trade repositories, MarkitSERV offers IDBs and other entities that may become SEFs a single system for complying with regulations applied to FX trading.
The solution presented by MarkitSERV is a significant development for both IDBs and their clients, who, in turn, would benefit from receiving real-time electronic notices of execution with unique swap identifiers (USI), voice affirmation and cleared and reported status updates through a single MarkitSERV connection.
Development of MarkitSERV’s enhanced voice affirmation solution is guided by working groups of market participants and this collaborative approach will add significant value to all parties with respect to product direction.
Mike Lawrence, CAO FX Options & CEEMEA Trading, CitiFX, said: “We look forward to benefiting from MarkitSERVs enhanced voice trade affirmation platform that addresses some of the industry’s previously unsolved challenges in the clearing and reporting workflows. The platform paves the way for future developments to increase trader productivity whilst continuing to reduce operational risk.”
Keith Tippell, co-head of FX at MarkitSERV, said: “We are very excited to be working with market leading brokers to help them to navigate successfully through the enormous data management and workflow challenges arising – now and in the future – from regulatory change. Our innovative solution will address broad-based industry concerns about the impact of change, for example the generation and distribution of USIs, and will address the connectivity challenges all market participants face.”
MarkitSERV’s award-winning FX solutions encompass a comprehensive set of trade capture, post-trade messaging and reporting and clearing workflow tools that support all participants in the FX transaction lifecycle.
In September 2011, MarkitSERV acquired Logicscope and its TradeSTP connectivity hub, which provides real-time delivery of trade notifications for more than 70 Liquidity providers (banks, brokers, exchanges and electronic crossing networks) and 400 financial institutions (banks, hedge funds, asset managers and corporates). In April 2012, MarkitSERV announced a partnership with SWIFT to capture and deliver FX trade messages from the SWIFT network for onward delivery to FX CCPs, reinforcing its commitment to provide the industry with maximum flexibility and choice in respect of trade message delivery to the MarkitSERV FX environment.
Outside of FX, MarkitSERV is already central to IDB trade volume in credit default swaps, interest rate derivatives and equity derivatives, with more than 75 brokers worldwide using MarkitSERV.
Clearing houses to which MarkitSERV is connected include CME, Eurex, ICE Clear Credit, ICE Clear Europe, IDCG, LCH.Clearnet (CDSClear, ForexClear and Swapclear), Nasdaq OMX, OCC and SGX. MarkitSERV has signed agreements to route trades to a number of additional clearing houses soon to launch, and will connect to additional ones as they come on line.
MarkitSERV, the most widely-used electronic trade processing service for OTC derivatives, has agreed Heads of Terms with four leading FX interdealer brokers (IDBs) to provide voice trade affirmation, regulatory reporting and clearing services for FX transactions. With a single connection into the award-winning MarkitSERV FX trade processing platform, BGC Partners, GFI Group, Tradition and Tullett Prebon would be the first four interdealer brokerage firms to benefit from fully-integrated voice affirmation, clearing and regulatory reporting workflows.
This market-leading initiative is designed to assist IDBs to transition effectively to a regulated FX trading environment, including requirements to execute trades using Swap Execution Facilities (SEFs). By providing seamless access to all FX clearinghouses, clearing brokers and futures clearing merchants, as well as global and regional trade repositories, MarkitSERV offers IDBs and other entities that may become SEFs a single system for complying with regulations applied to FX trading.
The solution presented by MarkitSERV is a significant development for both IDBs and their clients, who, in turn, would benefit from receiving real-time electronic notices of execution with unique swap identifiers (USI), voice affirmation and cleared and reported status updates through a single MarkitSERV connection.
Development of MarkitSERV’s enhanced voice affirmation solution is guided by working groups of market participants and this collaborative approach will add significant value to all parties with respect to product direction.
Mike Lawrence, CAO FX Options & CEEMEA Trading, CitiFX, said: “We look forward to benefiting from MarkitSERVs enhanced voice trade affirmation platform that addresses some of the industry’s previously unsolved challenges in the clearing and reporting workflows. The platform paves the way for future developments to increase trader productivity whilst continuing to reduce operational risk.”
Keith Tippell, co-head of FX at MarkitSERV, said: “We are very excited to be working with market leading brokers to help them to navigate successfully through the enormous data management and workflow challenges arising – now and in the future – from regulatory change. Our innovative solution will address broad-based industry concerns about the impact of change, for example the generation and distribution of USIs, and will address the connectivity challenges all market participants face.”
MarkitSERV’s award-winning FX solutions encompass a comprehensive set of trade capture, post-trade messaging and reporting and clearing workflow tools that support all participants in the FX transaction lifecycle.
In September 2011, MarkitSERV acquired Logicscope and its TradeSTP connectivity hub, which provides real-time delivery of trade notifications for more than 70 Liquidity providers (banks, brokers, exchanges and electronic crossing networks) and 400 financial institutions (banks, hedge funds, asset managers and corporates). In April 2012, MarkitSERV announced a partnership with SWIFT to capture and deliver FX trade messages from the SWIFT network for onward delivery to FX CCPs, reinforcing its commitment to provide the industry with maximum flexibility and choice in respect of trade message delivery to the MarkitSERV FX environment.
Outside of FX, MarkitSERV is already central to IDB trade volume in credit default swaps, interest rate derivatives and equity derivatives, with more than 75 brokers worldwide using MarkitSERV.
Clearing houses to which MarkitSERV is connected include CME, Eurex, ICE Clear Credit, ICE Clear Europe, IDCG, LCH.Clearnet (CDSClear, ForexClear and Swapclear), Nasdaq OMX, OCC and SGX. MarkitSERV has signed agreements to route trades to a number of additional clearing houses soon to launch, and will connect to additional ones as they come on line.
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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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!
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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.
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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
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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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.
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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.
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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.
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