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A-Team Insight Blogs

MarkitSERV Starts Trade Data Feed to Global Repository for Interest Rate Derivatives

MarkitSERV, the most widely used electronic trade processing service for OTC derivative transactions, today announced that it is now transmitting confirmed trade records to the Depository Trust and Clearing Corporation’s (DTCC) new Global Trade Repository (GTR) for over-the-counter (OTC) interest rate derivatives. With clients’ authorization, MarkitSERV’s trade reporting system automatically transmits confirmed trade records to the GTR in near real-time, helping derivatives market participants to fulfill their regulatory commitments for trade reporting.

MarkitSERV has also backloaded approximately three million rates derivative trade records into the GTR which automatically updates whenever any of those trades change, for example through termination. Supplying the GTR with trades already confirmed by MarkitSERV replaces the need for market participants to backload non-paired trades independently, a process which could be subject to errors, delays and inconsistencies.

Stewart Macbeth, President and Chief Executive Officer of DTCC Deriv/SERV, the DTCC subsidiary responsible for the company’s OTC derivative activities, said: “The new interest rate trade repository ensures that key information about the OTC derivative market is transparently available to regulators globally as they work to monitor systemic risk. DTCC is committed to partnering with MarkitSERV and the OTC derivative community and supervisory authorities to establish effective global solutions that strengthen the infrastructure for trading OTC derivative instruments.”

Henry Hunter, Managing Director and Head of Product Management at MarkitSERV, said: “We are pleased that we have completed seeding the GTR for rates and that real-time feeding of new trades and trade updates is underway. Trade reporting joins connectivity to central clearing as another essential service offered by MarkitSERV that helps clients streamline their derivative trade operations.”

MarkitSERV transmits information in real-time to the GTR using FpML, the business information exchange standard for OTC transactions. MarkitSERV can transmit details of a single transaction to multiple trade repositories when required by law or when designated by users. MarkitSERV’s trade reporting system will expand in line with the capabilities of the GTR to support the reporting requirements of the Dodd-Frank Act in the US, and those expected in other jurisdictions including Europe under the European Market Infrastructure Regulation (EMIR).

DTCC’s GTR for Interest Rates launched on December 5, 2011.

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