Misys CMS customers to benefit from simple, regulation-ready, FX clearing workflow solution
MarkitSERV, the most widely-used electronic trade processing service for over-the counter (OTC) derivative transactions and Misys, the global leader in treasury and capital markets solutions, today announced they have partnered to offer a highly efficient, end-to-end solution for Misys Confirmation Matching Service (CMS) customers to deliver foreign exchange (FX) derivative trades to central clearing counterparties (CCPs).
This offering will integrate the market-leading MarkitSERV FX clearing gateway – the single point of access to all FX CCPs used by executing brokers, clearing brokers, trading venues and buy side firms – with the Misys CMS, the premier post-trade treasury solution used by over 1,000 banks, brokers, fund managers and corporate treasurers to improve trading efficiency and reduce risk. The connectivity between Misys and MarkitSERV offers Misys CMS customers the benefit of seamless access to all FX CCPs and other FX market participants.
The partnership will allow Misys CMS customers to use MarkitSERV’s SWIFT interface (and industry-standard SWIFT MT300 messages), MarkitSERV’s connectivity for FX clearing validation and clearing broker acceptance (as appropriate) 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. Other jurisdictions are expected to also make it mandatory to clear FX.
Keith Tippell, Director and Co-Head of FX at MarkitSERV, said: “In this fast-changing and uncertain environment, our collaboration with Misys leverages the synergies between our respective services to deliver superior, scalable and high performance access to end-to-end processing of new FX clearing flows to all CMS customers. Combined with our partnership with SWIFT to receive trade messages and deliver cleared status notifications via the SWIFT network, and our unrivalled FX CCP connectivity, this collaboration reinforces our position at the forefront of regulatory processing efficiency in the FX market.”
Gilmore Bray, Director, Misys Global Managed Services, said: “Our partnership with the leading clearing gateway, MarkitSERV, is a significant enhancement to the Misys Confirmation Matching Service as it enables our clients to view through a single window the end-to-end status of FX trades requiring central clearing. Misys CMS will utilise the SWIFT network to deliver trades to MarkitSERV on behalf of our clients, eliminating any infrastructure investment or ongoing development cost to comply with the regulatory requirements. Misys CMS is dedicated to stay one step ahead of market changes so that our customers are well positioned in advance of regulatory changes.”
MarkitSERV’s award-winning FX clearing solutions legally confirm and route OTC FX transactions to FX CCPs and provide full support for client clearing, allocation of block trades and regulatory reporting. MarkitSERV is the only middleware provider with live connectivity to LCH, SGX and CME for FX clearing and MarkitSERV will continue to connect to any other CCPs that offer FX clearing. To date, MarkitSERV has processed 99.9% of all FX trades which have been centrally cleared.
Misys and MarkitSERV have also partnered to deliver solutions for other asset classes. These include the integration of MarkitSERV and MarkitSERV Trade Manager with the Misys Sophis and Summit platforms to automate rates and credit clearing for buy-side clients.
