IHS Markit’s MarkitServ Integrates BidFX to Enhance FX Post Trade Network

The collaboration comes in spite of IHS Markit's strategic decision to dispose its derivatives processing business.

MarkitServ, IHS Markit’s post-trade OTC derivatives processor, announced today that it has connected to TradingScreen’s FX Execution Management System (EMS) platform, BidFX, in a bid to strengthen its straight through post-trade processing of FX trades.

The collaboration comes in spite of IHS Markit’s recent strategic review of business assets which will result in the disposal of its derivatives processing business after it has agreed to buy rival data company Ipreo for $1.9 billion.

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MarkitSERV is one of the most widely-used electronic processing services for OTC transactions and FX STP integration. The platform provides end-to-end processing and workflow services across over the counter derivatives asset classes, including credit, equity, foreign exchange and interest rates.

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Specifically, the integration secures seamless communication and connectivity between TradingScreen’s newly spun-off FX EMS to MarkitSERV’s processing environment which connects more than 100 liquidity providers. The list includes 80 major FX ECNs, multi bank portals, brokers, exchanges and other end destinations for real-time post-trade notification. The integration also allows BidFX customers to gain access to FX market participants already supported by MarkitSERV for post-trade FX STP.

After five years operating as a division of TradingScreen, BidFX has emerged in 2017 as a standalone business focused on delivering a workflow solution for FX. The solution allows FX traders to access a neutral FX EMS that can source liquidity and deliver on best execution requirements all from the same screen or API.

Commenting on the news, Chris Leaver, head of FX business development at MarkitSERV, said: “BidFX is a technology-driven company and integrating with them gives our customers post trade connectivity to this important marketplace. With MarkitSERV, firms can be trading with any of the more than 80 FX venues on our network while benefiting from the robust and standardized STP solution we provide.”

“Working with MarkitSERV expands our reach and brings a range of flexible post trade processing services to our clients. The current FX marketplace requires real time awareness of executions across various levels of trading desks including PMs, traders and compliance and risk teams,” added Scott Gold, head of business development for BidFX.

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