New FX services on the cards for Markit

Markit is set to acquire DealHub, a trade processing service provider for the foreign exchange (FX) market.

The deal means Markit will offer an FX solution including venue connectivity, trading services, trade confirmation and management, as well as clearing and regulatory reporting.

DealHub’s customers include global and regional banks, interdealer brokers, FX electronic trading venues and asset managers, representing an expansion of Markit’s customer base in the FX markets.

Brad Levy, managing director and head of Markit’s processing division, said: “This acquisition adds depth to our FX offering while bringing an exciting set of trading solutions to Markit. Connecting DealHub’s technology to our network will accelerate centralisation of FX trade processes, making it easier for customers to transact.”

Founder and CEO of DealHub Peter Kriskinans added: “We are excited about joining Markit since our businesses are so complementary. Markit’s scale and global reach will allow us to better support our customers and will also accelerate innovation and further development of our technology.”

Financial terms have not been disclosed, but payment will be a combination of cash and Markit’s revolving credit facility. The acquisition is not expected to have a material impact on Markit’s financial results in 2015.

The acquisition is expected to close in Q3 2015.