IHS Markit is partnering with Cobalt through its MarkitSERV business to deliver and sell post-trade processing services for FX, and is also making a strategic investment in the firm.“In working together, MarkitSERV and Cobalt will offer a shared post-trade infrastructure designed to replace legacy technology and manual processes, bringing increased efficiency and reduced operational risk to the FX market,” says IHS Markit in a release issued today.The integration between the firms is already complete, with trade data flowing from customers and trading venues via MarkitSERV into the Cobalt platform.
IHS Markit has introduced new, cloud-based technology for post-trade processing of OTC derivatives trades. Called TradeServ, the platform launched in September for matching, confirming and clearing trades of NDFs.
In total, 32 banks and asset managers are now live with TradeServ, which uses microservices architecture and cloud infrastructure to make the platform “flexible, scalable and reliable”, the firm says. It aims to provide customers with better access to trade data, easier integration and more continuous service upgrades in response to changing regulation and industry needs.
IHS Markit has announced that MarkitSERV will now offer integration with BidFX, an execution management system (EMS), for straight through post-trade processing of FX trades.
In working with BidFX and other FX trading venues on its network, MarkitSERV aims to deliver a comprehensive, flexible straight through processing (STP) solution for FX trading, which includes a hosted service to disseminate trades from execution venues to clients’ internal trade capture and risk systems. The low latency service is designed to eliminate manual trade booking and provides real-time trade notification, position and P&L updates, confirmation of dealt trades, and enhanced operation and risk control.
IHS Markit’s MarkitSERV has expanded its global network of derivatives clearinghouses by connecting to Asigna, the clearinghouse for Mexican listed and standardised derivatives.
With the new connection, it will provide standardised workflow and connectivity for matching, confirming and clearing Mexican peso TIIE 28 swaps.
“With the connection between MarkitSERV and Asigna, we can offer our clients an efficient and secure channel to transmit confirmed TIIE swap data to our clearinghouse,” says Catalina Clavé Almeida, CEO at Asigna. “It also helps global banks on the MarkitSERV network do business in our market.”