IHS Markit has introduced a new cloud-based technology for post-trade processing of over-the-counter derivatives trades.
The new platform, TradeServ, was launched in September for matching, confirming, and clearing trades of non-deliverable forwards (NDFs).
Currently, 32 banks and asset managers are live with TradeServ, and more than one million cleared NDF trades have been processed using MarkitSERV this year.
TradeServ is a modern platform as a service (PaaS). It uses microservices architecture and cloud infrastructure to make the platform highly flexible, scalable and reliable, IHS Markit revealed.
According to IHS Markit, it provides customers with better access to trade data, easier integration, and more continuous service upgrades in response to changing regulation and industry needs.
As well as this, TradeServ also provides a framework to accelerate enhancements to MarkitWire, the MarkitSERV platform for interest rate swaps and equity derivatives.
In the first half of next year, IHS Markit will migrate foreign exchange (FX) options, spots and forwards to TradeServ.
Bill Stenning, managing director for clearing, regulatory and strategic affairs at Société Générale corporate and investment banking, said: “The broad connectivity and standardised workflow from MarkitSERV are integral to efficient derivatives operations and compliance.”
“With the introduction of TradeServ, the clearing of NDFs to multiple CCPs has moved to a modern PaaS which is an important step forward for the industry.”
Brad Levy, CEO of MarkitSERV, commented: “MarkitSERV has always been the innovator that brings progress to the OTC derivatives markets.”
“Our success shows how markets embrace new technology when it is deployed through a trusted network. Beginning in FX, TradeServ will enable us to be even more responsive to customer needs and make it easier for users to interact with their data and customise workflows.”
