MarkitServ plans collateral messaging automation

MarkitServ plans collateral messaging automation

The DTCC and Markit, through their MarkitServ joint venture, have teamed with vendor AcadiaSoft to introduce a system for automating collateral messaging for the over-the-counter derivatives market.

MarkitServ was launched in 2009 in response to calls from regulators, politicians and market participants for a push towards electronic trade confirmation across the rapidly growing OTC derivative market.

The new offering is designed to improve communication related to setting and maintaining the collateral required between counterparties to OTC derivative transactions, improving transparency and reducing operational risk.

By the end of the first quarter, the MarkitServ portal will provide clients with integrated access to AcadiaSoft's messaging platform, an online service that facilitates and manages communications required for collateral calls.

The new service will enable buy- and sell-side counterparties to manage information electronically on exposures, commitments and adjustments to collateral and create an audit trail of all communication about margining.

Jeff Gooch, CEO, MarkitServ, says: "Clients are searching for ways to streamline the multiple post-trade requirements relating to derivatives transactions and by linking AcadiaSoft's technology and DTCC's capabilities to MarkitSERV, we provide our clients with a single comprehensive platform to manage collateral alongside trade processing workflow, portfolio reconciliation and valuations."

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