MarkitSERV, the electronic trade processing service for over-the-counter (OTC) derivatives offered by financial information services firm Markit, is now connected to the Korea Exchange (KRX), according to a company statement.
KRX began clearing interest rate swaps in March 2014, and mandatory clearing of interest rate swaps denominated in Korean won (KRW) began on June 30. The first week of mandatory clearing saw KRW 291 billion, or roughly USD 288 million, sent by MarkitSERV for clearing at KRX, according to the statement.
MarkitSERV is the first global trade processing service to connect to KRX, according to the statement. The KRX connection will enable KRX members as well as 17 MarkitSERV customers to confirm and clear trades with the service.
“As we move into an increasingly regulated trading world for OTC transactions, we rely on technology and service partners such as Markit to help us connect with clearing houses, clients and repositories,” said Alex Park, head of financial markets at Standard Chartered Bank in Korea.
MarkitSERV integrates trade confirmation, reporting, routing to clearing and allocations, and is currently used by over 1,500 sell- and buy-side institutions to connect to central clearing counterparties, trade repositories and electronic swap markets.
In Asia the MarkitSERV platform also connects its customers to derivatives clearing services run by the Australian Exchange (ASX), Hong Kong Exchanges and Clearing Limited (KKEx), Japan Securities Clearing Corporation (JSCC) and the Singapore Exchange (SGX).
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