NEW YORK, March 31, 2010 (GLOBE NEWSWIRE) -- The International Derivatives Clearing Group (IDCG) announced today that it will be able to accept interest rate derivative products into its clearinghouse via MarkitSERV, the leading electronic platform for processing over-the-counter (OTC) derivatives.
MarkitSERV provides a single gateway for over-the-counter derivative transaction processing globally, covering credit, interest rate, equity and commodity derivatives.
"MarkitSERV's support of the IDCG platform is very important," said Garry O'Connor, Chief Executive Officer of IDCG. "Allowing market participants to deliver trades to our clearinghouse through their existing infrastructure is a major step forward for IDCG and the interest rate derivative market."
"We are pleased to implement electronic connectivity between MarkitSERV's interest rate swap trade processing platform and IDCG's clearinghouse. This represents another milestone in the industry's efforts to reduce operational risk and counterparty risk in the OTC derivative markets," said Jeff Gooch, CEO of MarkitSERV.
IDCG is a majority owned, independently operated NASDAQ OMX subsidiary that operates a CFTC licensed designated clearing organization for clearing and settling interest rate derivative products. IDCG has cleared in excess of $3 trillion in notional value in its Shadow Clearing environment, a process to prepare market participants for central clearing of derivatives. Newedge, the world's largest futures commission merchant, announced the week of March 8, 2010 that it would become a clearing member of IDCG's clearinghouse, joining MF Global who joined previously.
About the International Derivatives Clearing Group:
The International Derivatives Clearing Group (IDCG) is an independently operated, majority owned subsidiary of The NASDAQ OMX Group, Inc. IDCG brings a centrally cleared solution to the largest segment of the OTC derivatives marketplace, specifically interest rate derivatives. It does this through the operation of International Derivatives Clearinghouse (IDCH), a CFTC regulated derivatives clearing organization that currently acts as a central counterparty to interest rate swap futures contracts and expects to do so for other similar interest rate and currency derivatives in the future. IDCH, in conjunction with Razor Risk Technologies, utilizes NASDAQ OMX Click XT matching and NASDAQ OMX SECUR clearing technology to provide an efficient and transparent forum to clear and settle derivative products. For more information about IDCG and IDCH, visit www.idcg.com.
About MarkitSERV:
MarkitSERV comprises Markit's trade processing services MarkitWire, Markit Trade Manager, Markit Tie-Outs and Markit PortRec coupled with DTCC's Deriv/SERV matching and confirmation engine, MCA Xpress and novation consent services. For more information, see http://www.markitserv.com/