LONDON and NEW YORK, February 11,
2013 /PRNewswire/ --
Misys
CMS customers to benefit from simple, regulation-ready, FX clearing
workflow solution
MarkitSERV, the most widely used electronic trade processing
service for over-the counter (OTC) derivative transactions and
Misys, the global leader in treasury and capital markets solutions,
today announced they have partnered to offer a highly efficient,
end-to-end solution for Misys Confirmation Matching Service (CMS)
customers to deliver foreign exchange (FX) derivative trades to
central clearing counterparties (CCPs).
This offering will integrate the market-leading MarkitSERV FX
clearing gateway - the single point of access to all FX CCPs used
by executing brokers, clearing brokers, trading venues and buy side
firms - with the Misys CMS, the premier post-trade treasury
solution used by over 1,000 banks, brokers, fund managers and
corporate treasurers to improve trading efficiency and reduce risk.
The connectivity between Misys and MarkitSERV offers Misys CMS
customers the benefit of seamless access to all FX CCPs and other
FX market participants.
The partnership will allow Misys CMS customers to use
MarkitSERV's SWIFT interface (and industry-standard SWIFT MT300
messages), MarkitSERV's connectivity for FX clearing validation and
clearing broker acceptance (as appropriate) and its network to
transmit trade notifications to designated FX CCPs. As a
result, CMS clients will be equipped to centrally clear OTC FX
transactions, as required by Dodd-Frank and EMIR. Other
jurisdictions are expected to also make it mandatory to clear FX.
Keith Tippell, Director and Co-Head
of FX at MarkitSERV, said: "In this fast-changing and uncertain
environment, our collaboration with Misys leverages the synergies
between our respective services to deliver superior, scalable and
high performance access to end-to-end processing of new FX clearing
flows to all CMS customers. Combined with our partnership
with SWIFT to receive trade messages and deliver cleared status
notifications via the SWIFT network, and our unrivalled FX CCP
connectivity, this collaboration reinforces our position at the
forefront of regulatory processing efficiency in the FX
market."
Gilmore Bray,
Director, Misys Global Managed
Services, said: "Our partnership with the leading
clearing gateway, MarkitSERV, is a significant enhancement to the
Misys Confirmation Matching Service as it enables our clients to
view through a single window the end-to-end status of FX trades
requiring central clearing. Misys CMS will utilise the SWIFT
network to deliver trades to MarkitSERV on behalf of our clients,
eliminating any infrastructure investment or ongoing development
cost to comply with the regulatory requirements. Misys CMS is
dedicated to stay one step ahead of market changes so that our
customers are well positioned in advance of regulatory
changes."
MarkitSERV's award-winning FX clearing solutions legally confirm
and route OTC FX transactions to FX CCPs and provide full support
for client clearing, allocation of block trades and regulatory
reporting. MarkitSERV is the only middleware provider with
live connectivity to LCH, SGX and CME for FX clearing and
MarkitSERV will continue to connect to any other CCPs that offer FX
clearing. To date, MarkitSERV has processed 99.9% of all FX
trades which have been centrally cleared.
Misys and MarkitSERV have also partnered to deliver solutions
for other asset classes. These include the integration of
MarkitSERV and MarkitSERV Trade Manager with the Misys Sophis and
Summit platforms to automate rates and credit clearing for buy-side
clients.
Notes to Editors:
About MarkitSERV
MarkitSERV, jointly owned by The Depository Trust & Clearing
Corporation (DTCC) and Markit, provides a single gateway for OTC
derivatives trade processing. By integrating electronic
allocation, trade confirmation and portfolio reconciliation,
MarkitSERV provides an end-to-end solution for post-trade
transaction management of credit, interest rate, equity and foreign
exchange derivatives. MarkitSERV also connects dealers and
buy-side institutions to central clearing counterparties and trade
repositories. For more information, see
http://www.markitserv.com.
MarkitSERV's trade processing services for FX include
connectivity to central clearing venues and an array of trade
capture, post-trade messaging and workflow tools. In
September 2011, MarkitSERV acquired
Logicscope and its TradeSTP trade processing technology.
TradeSTP's extensive post trade connectivity to more than 70
liquidity providers (banks, brokers, exchanges and electronic
crossing networks) and 400 financial institutions (banks, hedge
funds, asset managers and corporates) is now fully integrated
within the MarkitSERV platform.
About Misys
Misys is at the forefront of the financial software industry,
providing the broadest portfolio of banking, treasury, trading and
risk solutions available on the market. With 1,800 customers in 120
countries our team of domain experts and partners has an
unparalleled ability to address industry requirements at both a
global and local level.
Misys was formed by the merger of Misys with Turaz. Combined
they are able to address all customer requirements across both the
banking and trading book businesses. Misys is the trusted partner
that financial services organisations turn to for help solving
their most complex problems.
Find out more
at http://www.misys.com
For further information, please contact:
Alex Paidas
Director, Corporate Communications
Markit
Telephone: +1-212-205-7101
Email: alex.paidas@markit.com
Edward Taylor
Global Head of Public Relations
Misys
+44(0)20-3320-5530
edward.taylor@misys.com