MarkitServ, the post-trade processing venture between Depository Trust & Clearing Corp. and Markit, is now transmitted confirmed trade records for interest rate derivaties to Global Trade Repository.

Operated by DTCC, GTR was launched in December 2011 as a repository to house information on executed orders in the interest rate swaps market. That market represents the largest sector of the burgeoning $700 million swaps industry.

In addition to sending information on newly executed transactions, MarkitServ's MarkitWire platform has also backloaded three million trade records on interest rate swaps into the GTR. Supplying the GTR with trades already confirmed by MarkitServ eliminates the need for market players to backload non-paired trades independently. That process could be subject to errors, delays and inconsistencies.

MarkitServ says it will transmit the information on interest rate transactions to the DTCC's repository in real-time using the FpML protocol, the business information exchange standard for swap transactions promoted by the International Swaps and Derivatives Association.

Establishing quick and seamless connections to trading venues, clearinghouses and trade repositories will be critical for firms to meet regulatory requirements on both sides of the Atlantic. Those requirements call for swap participants to send information on their confirmed swap transactions to trade repositories so that regulators can know exactly who is trading which contracts. Traders will also be required to execute those orders through electronic trading platforms, coined swap execution facilities, and clear those transactions through clearinghouses. All but the largest and most active fund managers in the swaps market will likely rely on broker-dealers to provide that connectivity as it might be cost-prohibitive to do the work on their own. There are several clearinghouses and trade repositories. DTCC has been eager to promote itself as operating "global" rather than U.S. centric repositories. To that end it has lobbied for global standards on information gathering and regulatory access..

"The new interest rate trade repository ensures that key information about the OTC derivatives market is transparently available to regulators globally as they monitor systemic risk," says Stewart Macbeth, president and chief operating officer for DTCC's subsidiary Deriv/Serv LLC which handes its swaps business. "The DTCC is committed to working with MarkitServ, the OTC derivatives community and supervisory authorities to establish effective global solutions that strengthen the infrastructure for trading OTC trading instruments."

MarkitServ has become the swap industry's most popular one-stop shop offering connectivity to multiple clearinghouses and repositories. It began sending information on credit default derivative transactions to DTCC's Trade Information Warehouse in 2004 and expects to link to the DTCC's new equity derivatives repository in 2012's second quarter. MarkitServ also links to clearinghouses operated by CH.Clearnet, CME, IDCG and SGX for interest rate swaps. For credit default swaps MarkitServ links to ICE Clear Credit, ICE Clear Europe, CME and the Deutsche Borse's Eurex Clearing. For forex swaps it connects to LCH.Clearnet and SGX. Next up: Chicago's OCC (formerly known as Options Clearing Corp) for equity derivatives.

Written by Chris Kentouris, Editor-in-chief (Chris can be reached through Chris.Kentouris@hotmail.com)

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