The arrangement enables buyside customers to adopt a 'one-stop' solution, allowing them to direct CSA related trades to Hobart's execution platform, while reconciling those trades, along with the tracking of commission flows and management of third party payments, in a single location.

Simon Gamse, partner at Hobart, said: "With a robust infrastructure and secure IT capability, customers can take advantage of Hobart's UK and European execution capabilities and leverage Markit's Commission Manager platform in order to manage and allocate commission credits efficiently. This allows customers to execute trades via Hobart and track and manage commission payments via Markit, safe in the knowledge they have adhered to best practice."

Tim Sargent, managing director at Markit, said: "We are delighted that Hobart has chosen to offer buyside customers access to Markit's Commission Manager, alongside their trading and execution capabilities. This enables buyside customers to streamline their workflow processes and demonstrate they are efficiently managing and accounting for their CSA payments."

Hobart uses the latest technology available, including FIX, sophisticated smart order routers and up-to-the-minute algorithmic trading engines, allowing the firm to manage customer orders, assist in price discovery and access liquidity, while maintaining trade anonymity and minimising market impact.

Markit Commission Manager is available to both buyside and sellside firms. It enables the buyside to maintain credits with their brokers and use these credits to pay for research, execution and other permissible third party services.