OTC derivatives processing services firm MarkitServ has agreed to buy UK post-trade software vendor Logicscope. Financial terms of the deal were not disclosed.
MarkitServ was set up as a joint venture in 2009 by the DTCC and Markit in response to calls from regulators, politicians and market participants for a push towards electronic trade confirmation across the rapidly growing OTC derivative market.
Over the last year it has been working with the industry to expand its service to support trade processing and clearing for foreign exchange, Logicscope's area of expertise.
MarkitServ says Logicscope's TradeSTP trade processing technology and connectivity to more than 60 liquidity providers and 400 financial institutions will significantly boost its FX offering.
Jeff Gooch, CEO, MarkitServ, says: "Logicscope's complementary technology and comprehensive product suite will enable us to offer the same standards of trade processing, connectivity and compliance to FX market participants that we currently offer for credit, rates and equity derivatives."