Markit Launches Trade Affirmation Service for FX

Markit's Broker Affirmation service covers FX spots, forwards, swaps, non-deliverable forwards, non-deliverable swaps, vanilla options, non-deliverable options, barrier options and digital/binary options, as well as for strategy trades involving multiple products. The service is delivered through Markit's electronic trade processing service for over-the-counter (OTC) derivative transactions, MarkitSERV.

"Managing industry processes such as trade affirmation using a central network helps the FX market reduce complexity, cost and risk," says Chris Leaver, managing director and head of business development for MarkitSERV FX. "By connecting participants and standardising trade management workflow, MarkitSERV helps firms scale their businesses, become more efficient and remain operationally resilient as the FX market grows."