MarkitSERV Connects to KRX for Swaps Clearing

MarkitSERV is now connected to Korea Exchange.

MarkitSERV, Markit’s electronic trade processing service for over-the-counter (OTC) derivative transactions, has connected to Korea Exchange (KRX) for the clearing of interest-rate swaps.

KRX has started clearing interest-rate swaps in March 2014, ahead of the nation's mandatory clearing deadline of 30 June 2014, and has used MarkitSERV’s technology to offer clearing services to 17 international and Korean banks.

“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,” says Alex Park, head of financial markets at Standard Chartered Bank in Korea.

Expand Asian Network
In Asia, the MarkitSERV platform also connects customers to the derivatives clearing services run by the Australian Securities Exchange, Hong Kong Exchanges and Clearing Limited, Japan Securities Clearing Corporation and the Singapore Exchange.

“KRX is an important addition to our global OTC clearing gateway service and this expansion demonstrates our commitment to serving the evolving needs of global banks, regional banks and asset managers in Asia,” says Henry Hunter, managing director and global head of derivatives processing at Markit.




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