Misys CMS customers to use MarkitSERV’s SWIFT interface.
MarkitSERV, which provides electronic trade processing services, and financial software company Misys announced a joint effort to provide enhanced FX clearing capabilities. The partnership is driven by new regulations requiring central clearing included in Dodd-Frank — other jurisdictions are also expected to make it mandatory to clear FX.
The partnership will allow Misys CMS customers to use MarkitSERV’s SWIFT interface, MarkitSERV’s connectivity for FX clearing validation and clearing 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.
MarkitSERV is jointly owned by The Depository Trust & Clearing Corporation (DTCC) and Markit.
For the complete press release click here.
For more on the global FX market see the LeapRate-Dow Jones Forex Industry Report.