Three FCMs Join MarkitSERV Credit Centre

The three banks mark the first futures commission merchants (FCMs) to join the service, which was announced in March, and allows a degree of credit certainty for counterparties and a view of credit deployment across multiple execution venues. As a pre-trade facility, FCMs update client credit lines continuously through the day, and the Credit Centre is queried to ensure the availability of credit before a trade is executed or a price posted. Cinnober's TRADExpress technology powers the platform.

"We support MarkitSERV's work in developing a central credit limit solution for the industry," says Antonio Reyes, managing director and global head of electronic execution OTC and listed derivatives products at Citi. "Mandates to clear and electronically trade OTC derivatives require new networks, information flows and technologies. A system that provides pre-trade clearing certainty is a priority for our changing market."