FX clearing gets a new lifeline as post trade giant MarkitServ ties up with payments specialist Swift to provide a sophisticated and complete package to clearing of the world’s most traded asset class.
The collaboration will see Swift provide advanced messaging over a network where MarkitServ conducts post trade clearing.
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MarkitServ owned by US DTCC and UK’s Markit is keen to enhance its position as the ‘go to’ for FX clearing. It aims to offer trade capture, processing and clearing house connectivity for dealers and buyside firms, for all non-deliverable forward FX trades sent over the Swift network.
FX clearing has come into question after the new Dodd Frank reforms to increase transparency in OTC products.
Recently new players like LCH Clearnet and exchanges including ICE & CME have been pitching for a share of the clearing pie.