MarkitSERV, CME to Support FX Derivatives Clearing
The offering will be initially restricted to non-deliverable forwards (NDFs), which are eligible for clearing under provisions in the US Dodd-Frank Act. MarkitSERV has also re-engineered its FX interface to accommodate reporting obligations, and final testing is underway with selected clients. Cash-settled forwards in Group of 10 currencies will be supported with a further upgrade in May.
"MarkitSERV and CME Group have a common commitment to delivering clearing processing excellence across all asset classes," says Derek Sammann, senior managing director, interest rates and FX at CME Group. "In addition to new FX clearing support, MarkitSERV clients already benefit from our established and proven clearing connectivity for interest rate transactions. As the OTC markets evolve in a new regulatory environment, we are ready to support the needs of our global client base through choice, whether exchange-traded or OTC clearing services."
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