MarkitSERV Expands Ice Clear Credit Connectivity

MarkitSERV, the electronic trade processing service for over-the-counter derivative transactions, has enhanced its connectivity and trade management support for buy-side clearing of credit default swap (CDS) transactions at ICE Clear Credit. The first production trades using MarkitSERV's enhanced service were cleared by ICE on November 28th.

MarkitSERV has been connected to ICE since 2011 and updated that connectivity earlier in 2012 to support the transition to ICE Clear Credit. The latest enhancement supports an additional ICE Clear Credit application programming interface (API), and allows clearing members the ability to perform take-up using their existing integration to ICE Clear Credit when the trades are submitted via MarkitSERV.

"With CDS clearing connectivity to ICE Clear Credit, ICE Clear Europe, CME, and LCH.Clearnet CDSClear, MarkitSERV is the only platform to provide trade routing to all active OTC credit clearinghouses," says Henry Hunter, head of product management at MarkitSERV.

MarkitSERV now connects 12 central counterparties (CCPs) that clear credit default swaps, interest rate derivatives, foreign exchange derivatives and equity derivatives. MarkitSERV has signed agreements to route trades to a number of additional clearinghouses soon to launch, and plans to connect to additional ones as they become operational.