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January 24, 2012

MarkitSERV now feeding confirmed trades to the DTCC Trade Repository

Interesting new data connection in the OTC market. Provided you opt-in, MarkitSERV can now send your confirmed OTC trades to the DTCC Glorious Trade Repository (GTR) in the UK. The US Trade Repository is waiting for CFTC approval to begin operations. Due to issues covered elsewhere, the US repository will be for US data only, and the UK repository will a be for global data including the US.

I have also confirmed the following regarding cleared trades:

  • Provided firms opt-in the original bilateral trade will be sent to the GTR, once for each firm opted-into this service
  • Should that bilateral trade be registered for clearing,
    • The original bilateral contract is “exited” from the GTR
    • For each firm using the GTR a new trade showing that party versus the CCP is sent to the GTR
    • End result: Party A <-> CCP, and CCP <-> Party B

From a clients perspective this is good news – a key requirement of Dodd Frank / EMIR is then met through a simple call to the client services team at Markit, without building a single piece of new infrastructure. Zero cost, big benefit.

The press release is here


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