Markit Introduces MarkitSERV FX Broker Affirmation Service

The MarkitSERV service will aims to help banks affirm FX trades executed by inter-dealer brokers.

Markit (Nasdaq: MRKT), a global provider of financial information services, has introduced a new service as part of its comprehensive offering, tapped MarkitSERV FX Broker Affirmation, which enables banking groups to affirm foreign exchange (FX) trades executed by inter dealer brokers, according to a Markit statement.

The passage of the launch has also seen the sign-up to this service by several industry entities, including a total of seven inter-dealer brokers and eight banks – as a result, the newly implemented service will look to engender Markit’s latest efforts to augment its centralized solutions in the FX space.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

Currently, Markit boasts a wide offering in the FX realm, including venue connectivity and STP services, trading services, trade confirmation and management, clearing, and regulatory reporting.

Suggested articles

TrioMarkets Partners with HokoCloud, Expands its Portfolio with Social TradingGo to article >>

In particular, broker affirmation covers a multitude of products, including FX spots, forwards, swaps, non-deliverable forwards, non-deliverable swaps, vanilla options, non-deliverable options, barrier options, and digital/binary options. Moreover, Markit’s new service also utilizes FpML messaging, helping facilitate trade reporting and clearing obligations.

According to David Perkins, Managing Director of Electronic Broking – Europe, Middle East, and Africa (EMEA) at Tullett Prebon, in a recent statement on the new service: “We are delighted to have collaborated with Markit on the development of this service. Our adoption of this service underscores our commitment to meeting the needs of our clients in what is a rapidly evolving market environment. This new service will further enhance our strong franchise within the foreign exchange market.”

“Managing industry processes such as trade affirmation using a central network helps the FX market reduce complexity, cost and risk. By connecting participants and standardising trade management workflow, MarkitSERV helps firms scale their businesses, become more efficient and remain operationally resilient as the FX market grows,” added Chris Leaver, Managing Director and Head of Business Development for MarkitSERV FX, in an accompanying statement.

Earlier this month, Markit made headlines after it added David Mallinder as its Director of Foreign Exchange (FX) Sales. Mr. Mallinder originally moved to Markit back in September 2015 as part of the acquisition of Dealhub, along with all other key DealHub staff.

Got a news tip? Let Us Know