Company has also backloaded three million trades to the system.
MarkitSERV has announced that it is now transmitting over the counter (OTC) derivatives trades to the Depository Trust and Clearing Corporation's (DTCC) global trade repository.
The new reporting system transmits, following client authorization, information on trades in near-real time to the repository. The company has also backloaded three million past trades, replacing the need for an error-prone process of participants uploading their own records for regulatory purposes. These will automatically update with changes, such as terminations.
"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," says Stewart Macbeth, president and CEO at DTCC Deriv/Serv. "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."
While at Sibos Toronto, James shares some interviews covering topics on blockchain, fintechs and cybersecurity.Subscribe to Weekly Wrap emails