Markit Launches FX Trade Confirmation Service
Citi and JP Morgan first to confirm FX options trades on new service.
![City of London City of London](/sites/default/files/styles/landscape_750_463/public/import/IMG/832/282832/new-city-of-london-580x358.jpg.webp?itok=HEKJfkeI)
The service matches legally binding trade confirmations with FX options trade terms which are centrally recorded, designed to improve efficiency for post-trade management. The service also includes electronic, auditable tools for managing options exercise, removing the need for manual processes such as phone or emails.
"The pace of innovation in trade execution must be matched by advances in post trade processes and we are pleased to have worked with the industry to develop this new service for the FX markets," says Matthew Hill, director and head of Markit's FX trade confirmation service.
Hill also confirmed Markit would expand the service to additional FX products.
Over 50 asset managers have signed on for the service, according to Markit, with Citi and JP Morgan the first to register confirm FX options trades.
"The bilateral confirmation process plays a central role in mitigating operational risk," says Mike Lawrence, managing director and chief administrative officer for FX and Local Markets at Citi. "It is encouraging to see innovation in more complex products and new tools that help the industry become more efficient in managing the post trade requirements of FX derivatives."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Facing platform shutdown, former IEX Cloud head buys its assets in 11th-hour bid
Tim Baker, Pedro Aguayo, and a silent partner have come together to purchase IEX Cloud’s assets days before the exchange was to retire all its products on August 31.
Recent volatility highlights tech’s vital role in fixed income pricing
MarketAxess’ Julien Alexandre discusses how cutting-edge technology is transforming pricing and execution in the fixed income market amid periodic bouts of volatility
Banks fret over vendor contracts as Dora deadline looms
Thousands of vendor contracts will need repapering to comply with EU’s new digital resilience rules
Where have all the exchange platform providers gone?
The IMD Wrap: Running an exchange is a profitable business. The margins on market data sales alone can be staggering. And since every exchange needs a reliable and efficient exchange technology stack, Max asks why more vendors aren’t diving into this space.
This Week: Trading Technologies completes ANS deal; State Street; Equinix; and more
A summary of the latest financial technology news.
Interactive Brokers looks beyond US borders for growth opportunities
As retail trading has grown in volume and importance, Interactive Brokers and others are expanding international offerings and marketing abroad.
JP Morgan’s goal of STP in loans materializes on Versana’s platform
The accomplishment highlights the budding digitization of private credit, though it’s still a long road ahead.
As data volumes explode, expect more outages
Waters Wrap: At least for those unprepared—though preparation is no easy task—says Anthony.