MarkitSERV Acquires Logicscope to Expand Post-Trade Processing for FX Transactions
London and New York, NY – MarkitSERV, a leading electronic trade processing platform for OTC derivative transactions, today announced that it has agreed to acquire Logicscope Limited, a leading provider of post-trade workflow solutions and straight-through-processing (STP) for foreign exchange (FX) transactions.
Over the last year, MarkitSERV has been working with the industry to expand its service to support trade processing and clearing for FX. Logicscope’s award-winning TradeSTP trade processing technology and connectivity to more than 60 liquidity providers (banks, brokers, exchanges and electronic crossing networks) and 400 financial institutions (banks, hedge funds, asset managers and corporates) will enable MarkitSERV to enhance its FX service offering significantly. In turn, Logicscope’s clients will benefit from MarkitSERV’s global reach and scale and additional workflow functionality, making TradeSTP an even more compelling solution for industry participants.
Jeff Gooch, CEO of MarkitSERV, said: “Logicscope will provide MarkitSERV with significant capabilities. The company’s proven technology is remarkably agile and its low-latency infrastructure and flexible solutions are increasingly in demand. We have been working with the FX industry since October 2010 to provide a complete trade processing solution for market participants. Logicscope’s complementary technology and comprehensive product suite will enable us to offer the same standards of trade processing, connectivity and compliance to FX market participants that we currently offer for credit, rates and equity derivatives.”
John Barber, CEO of Logicscope, said: “We are very excited to become part of the MarkitSERV organisation and to deliver our market-leading services under the MarkitSERV banner. This is very much a case of the whole being greater than the sum of its parts: MarkitSERV will benefit from our established presence and reputation in FX and in turn, our post-trade processing capabilities will be enhanced significantly with the addition of critical functionality like trade confirmation and clearing connectivity. As part of MarkitSERV, we look forward to developing these capabilities to handle even more complex trade workflows and to leverage the opportunity presented by growth in FX volumes and e-trading.”
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Director, Corporate Communications
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Notes to Editors:
MarkitSERV, jointly owned by The Depository Trust & Clearing Corporation (DTCC) and Markit, provides a single gateway for OTC derivatives trade processing. By integrating electronic allocation, trade confirmation and portfolio reconciliation, MarkitSERV provides an end-to-end solution for post-trade transaction management of credit, interest rate, equity and commodity derivatives. MarkitSERV also connects dealers and buy-side institutions to trade repositories and all six major central clearing counterparties worldwide. For more information, see www.markitserv.com
Founded in 1993, Logicscope is a market leader in deal notification and data integration technologies and services. TradeSTP, Logicscope’s award-winning service, offers standard and customisable post-trade STP and workflow solutions that support the FX industry’s growing focus on regulation, CCP clearing, prime brokerage, risk mitigation and cross-asset reporting. For more information, see www.logicscope.com