Markit Announces Confirmation Service for FX Options
The firm will deploy the offering through MarkitSERV, its over-the-counter (OTC) trade processing service. The platform will utilize straight-through processing to deliver the exercise actions, providing a centralized platform to deliver fully electronic legal confirmations and other real-time activities.
Barclays, JPMorgan, Citi, HSBC, Morgan Stanley, Nomura, RBS, UBS along with buy-side firms such as Citadel are participating in the development.
"The current processes required to manage FX option expiries are archaic, so introducing up-to-date techniques will aid all involved in this market," says Andrew Soper, global head of G10 flow options at Nomura. "Creating a centralized confirmation process for all post-trade functions will improve operational efficiency, reduce costs and contribute to a better-functioning market."
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