Markit signs new derivatives processing client

Markit, the London-based data provider, has signed asset managers CQS as a client of its trade-processing service.

CQS, also based in London, has $5 billion under management. The service allows counterparties to affirm over-the-counter derivatives trades, and confirm those using links to bodies such as the Depository Trust and Clearing Corporation.

Jason Parker, head of middle office at CQS, said the company felt the main strength of Markit’s service was its ability to facilitate OTC processing across counterparties and asset classes, and to provide a comprehensive audit trail.

Markit’s Trade Processing service was inherited from Communicator, headquartered in White Plains, New York. The trading technology company was acquired by Markit in May (See: Markit acquires derivatives trading technology provider).