Markit and DTCC to launch automated OTC trade processing
Financial information services company Markit and the Depository Trust and Clearing Corporation (DTCC) will launch a joint-venture to automate OTC derivative trade processing for all major asset classes on September 1.
The venture, called MarkitSERV, will combine the two organisations' electronic trade confirmation and workflow platforms to provide a single gateway for over-the-counter (OTC) derivative trade processing covering credit, interest rate, equity and commodity derivatives.
According to the companies, discussions with buy-side firms over the past year revealed the need for a simplified processing solution that is accessible and efficient. "We believe MarkitSERV will address the industry's
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