Markit launches new FX affirmation service
16 March 2016 London
Image: Shutterstock
Financial information provider Markit has launched a new service that enables banks to affirm foreign exchange trades executed by inter-dealer brokers.
The MarkitSERV FX Broker Affirmation aims to provide a platform for banks to consolidate trade notifications from multiple inter-dealer brokers and validate transaction data before they are processed into trading and risk systems.
The service covers foreign exchange spots, forwards, swaps, non-deliverable forwards, non-deliverable swaps, vanilla options, non-deliverable options, barrier options and digital/binary options.
It can also be used when multiple products are combined in strategy trades and uses FpML messaging and facilitates trade reporting and clearing obligations.
The service is already used by seven inter-dealer brokers and eight banks, according to Markit.
Service user David Perkins, managing director of electronic broking Europe the Middle East and Africa at Tullett Prebon, said: “We are delighted to have collaborated with Markit on the development of this service.”
“Our adoption of this service underscores our commitment to meeting the needs of our clients in what is a rapidly evolving market environment. This new service will further enhance our strong franchise within the foreign exchange market.”
Another service user, Chris Leaver, managing director and head of business development for MarkitSERV FX, added: “Managing industry processes such as trade affirmation using a central network helps the foreign exchange market reduce complexity, cost and risk.”
“By connecting participants and standardising trade management workflow, MarkitSERV helps firms scale their businesses, become more efficient and remain operationally resilient as the FX market grows.”
The MarkitSERV FX Broker Affirmation aims to provide a platform for banks to consolidate trade notifications from multiple inter-dealer brokers and validate transaction data before they are processed into trading and risk systems.
The service covers foreign exchange spots, forwards, swaps, non-deliverable forwards, non-deliverable swaps, vanilla options, non-deliverable options, barrier options and digital/binary options.
It can also be used when multiple products are combined in strategy trades and uses FpML messaging and facilitates trade reporting and clearing obligations.
The service is already used by seven inter-dealer brokers and eight banks, according to Markit.
Service user David Perkins, managing director of electronic broking Europe the Middle East and Africa at Tullett Prebon, said: “We are delighted to have collaborated with Markit on the development of this service.”
“Our adoption of this service underscores our commitment to meeting the needs of our clients in what is a rapidly evolving market environment. This new service will further enhance our strong franchise within the foreign exchange market.”
Another service user, Chris Leaver, managing director and head of business development for MarkitSERV FX, added: “Managing industry processes such as trade affirmation using a central network helps the foreign exchange market reduce complexity, cost and risk.”
“By connecting participants and standardising trade management workflow, MarkitSERV helps firms scale their businesses, become more efficient and remain operationally resilient as the FX market grows.”
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