Secretive start-ups eye uncleared OTC risk reduction | Risk.net
Whilst much of the attention has been on CCPs, in the background new services are emerging to respond to the coming increase in cost and margin for un-cleared OTC business. Risk provides a brief insight into two particular firms, one in the UK and one in the US which aim to provide a wholly new approach to processing OTC business. The first is LMRKTS which is beneath view at the moment, but exists in an SEC filing for a securities offering. LMRKTS is driven by Lucio Biase based in NYC. The other is NetOTC which also has a Klingon invisibility shield but at least has a website. NetOTC has a significant team of industry professionals behind it including an ex CCP CEO. For more read the full story at Risk here Secretive start-ups eye uncleared OTC risk reduction – Risk.net (subs).
"We think the big number publicised by the WGMR in February is the most accurate number out there in terms of the impact, so if you can genuinely reduce risk and thereby minimise the impact of a potential cost for the world's biggest banks, you're providing a very valuable service," says Bob Wigley, chairman of NetOTC.