MarkitServ has teamed up with Swift to deliver trades from Swift to FX CCPs, via MarkitServ’s FX clearing gateway.
NDF trade messages sent over SWIFT will be automatically routed onwards to the designated FX CCP for clearing. Once the trade is cleared, a notification will be sent from MarkitSERV to the originating party via Swift.
Andres Choussy, global head of FX Clearing at J.P. Morgan, said: "MarkitSERV's continuing innovation in post trade STP, and in particular its commitment to providing clients with an easy mechanism to access FX CCPs - current and emergent - will greatly facilitate the transition to meet new clearing obligations mandated by Dodd-Frank and associated regulations in Europe and Asia."
Stephen Ramsden, global head of FX Prime Brokerage and CCP Clearing at RBS, said: "We are delighted to support the collaboration between MarkitSERV FX and SWIFT. It makes absolute sense to bring together existing distribution channels to effectively manage new clearing workflows. This initiative provides an extremely efficient solution for clients to help them navigate successfully through an evolving regulatory landscape and keeps the integration simple and effective."
