Markit streamlines CCP for FX venues

Markit a leading technology provider to banks and financial institutions has launched a new middleware feature that will enhance clearing

Markit a leading technology provider to banks and financial institutions has launched a new middleware feature that will enhance clearing of FX. The new product is working with LCH, CME & SGX.

Clearing of OTC FX has been limited to CLS bank who have the crunch of the share. LCH is set to unveil a new system to compete alongside CLS. Markit acquired Logiscope and thus have strengthened their position in middleware technology.

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

Suggested articles

TrustedBrokerz: The Source More Traders Are TrustingGo to article >>

The middleware tool has been designed to meet the functional requirements of all market participants, including executing brokers, clearing brokers, and buy-side firms. Although it provides connectivity only for NDFs initially, Tippell says it will support other FX products once CCPs are in a position to clear them.

The CME exchange along with major banks had introduced FX Market Space to overcome clearing and settlement issues in 2007, the project failed and was later scrapped.

Got a news tip? Let Us Know