31 July 2015

MarkitServ launches PortRec Xpress

11 September 2012  |  1974 views  |  0 Source: MarkitServ

MarkitSERV, the most widely-used electronic trade processing service for over- the-counter (OTC) derivative transactions, today launched PortRec Xpress, a new service designed to help asset managers reconcile their OTC derivatives portfolios quickly and efficiently.

The launch of this new service comes as regulators worldwide are expected to mandate asset managers to reconcile their portfolios on a daily, weekly, monthly, quarterly or annual basis as part of the drive to reduce operational and financial risk in the derivatives industry.

Designed for the needs of managers of vanilla derivative portfolios, PortRec Xpress is a cost-effective, Web-based system that reconciles position information maintained by buy-side firms and their counterparties (dealers and clearing brokers). A star-rating system enables users to view how closely their position information matches that of their counterparties easily and efficiently. Users are alerted automatically when discrepancies arise and an integrated, online dispute resolution system helps counterparties resolve these disputes in a timely manner.

In addition, PortRec Xpress connects to the MarkitSERV trade affirmation/confirmation platform and will be integrated with MarginSphere, a collateral messaging and management service available from Acadiasoft through the MarkitSERV portal, enabling users to manage margin calls. From next year, it will also enable buy-side firms to reconcile their position information with clearinghouses and swaps data repositories in accordance with new regulations.

Henry Hunter, Head of Product Management at MarkitSERV, said: "With PortRec Xpress, we've taken the complexity out of the reconciliation process. Clients can see the strength of their matches at a glance and the system offers a powerful yet intuitive tool to resolve disputes. By integrating PortRec Xpress with independent valuations from Markit and the MarginSphere collateral messaging service, we are offering a unified platform right when the industry needs simple solutions for complying with Dodd-Frank and other regulations worldwide."

PortRec Xpress is the second reconciliation tool to be offered by MarkitSERV. The original PortRec service, a comprehensive, highly-customisable software solution to reconcile large and complex derivatives portfolios, was launched in 2006. 

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related company news

 


Top topics

Most viewed Most shared
ING Bank introduces voice-activated mobile...
8134 views comments | 26 tweets | 29 linkedin
Square reportedly files for IPO
6584 views comments | 16 tweets | 13 linkedin
Will Uber be the Uber of banking?
6134 views comments | 33 tweets | 29 linkedin
Payments and capital markets sectors domin...
5827 views comments | 16 tweets | 17 linkedin
Singapore hires Citi veteran to lead new f...
5522 views comments | 13 tweets | 5 linkedin

Featured job

to £80K base + commission + bonus
London, UK

Find your next job