IHS Markit announced that MarkitSERV now offers integration with BidFX, an execution management system (EMS) in the $5 trillion daily FX market, for straight through post-trade processing of FX trades, including FX spot, forwards, swaps and NDFs.
BidFX is an execution management system (EMS) in the $5 trillion daily FX market, for straight through post-trade processing of FX trades, including FX spot, forwards, swaps and NDFs.
In working with BidFX and other FX trading venues on its network, MarkitSERV delivers a comprehensive, flexible STP solution for FX trading which includes a hosted service to disseminate trades from execution venues to clients’ internal trade capture and risk systems.
The low latency service eliminates manual trade booking and provides real-time trade notification, position and P&L updates, confirmation of dealt trades and enhanced operation and risk control. BidFX and MarkitSERV clients benefit from integration between the services and resource-efficient onboarding, including minimal demands on their own IT resources.
MarkitSERV managing director and FX business development head Chris Leaver said: “BidFX is a technology-driven company and integrating with them gives our customers post trade connectivity to this important marketplace. With MarkitSERV, firms can be trading with any of the more than 80 FX venues on our network while benefiting from the robust and standardized STP solution we provide.”
BidFX business development head Scott Gold said: “Working with MarkitSERV expands our reach and brings a range of flexible post trade processing services to our clients. The current FX marketplace requires real time awareness of executions across various levels of trading desks including PMs, traders and compliance and risk teams. Through this alliance, we are all able to deliver automated end-to-end STP solutions to all of our clients.”
Around 80 major FX ECNs, multi bank portals, aggregators and single dealer platforms connect to MarkitSERV to provide their customers with comprehensive post trade services.
BidFX is a TradingScreen company. Cloud-based trading and workflow technology from BidFX provide sophisticated execution management, a suite of negotiation tools and a hub to algorithmic trading suites from all major banks.
Source: Company Press Release.