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Markit to Provide Post-trade Processing Services for OTC Derivatives for Northern Trust

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Northern Trust has signed up for Markit to provide it with post-trade processing services for its OTC derivatives when the implementation is completed in the second and third quarter this year. Custody and investment outsourcing operations clients of the bank will therefore have access to the new capabilities, which include reconciliation and confirmation services, via Northern Trust’s integrated derivatives processing platform.

According to Peter Cherecwich, chief operating officer for Corporate & Institutional Services at Northern Trust, the move is aimed at improving operational risk management for the bank’s client base. “The addition of Markit’s confirmation matching and reconciliation services will allow us to provide them with greater transparency and efficiency after the point of trade,” he adds.

The bank is currently using Misys Summit FT as its Trust’s core platform for daily processing and lifecycle management and Markit’s services will be added to this implementation. Markit will therefore provide trade confirmation and position reconciliation services through its Trade Manager, PortRec and Valuations Manager platforms, in addition to independent portfolio valuations.

Markit Trade Manager offers electronic tie-out, affirmation and confirmation workflow tools including STP connectivity to DTCC DerivServ and Markit Wire, along with paper confirmation workflow, novation consent and allocation. Markit PortRec is an automated position reconciliation service that will allow Northern Trust to reconcile positions with counterparties electronically. Markit Valuations Manager provides normalised and consolidated delivery of global counterparty OTC positions and valuations from participating banks.

According to the bank, this service offering is part of a multi-year strategic investment it is making in its derivative product servicing and reporting capability.

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