MarkitSERV, a US based electronic trade processing service for over- the-counter (OTC) derivative transactions, has launched PortRec Xpress, a new service designed to assist asset managers settle their OTC derivatives portfolios quickly and efficiently.
The company has rolled out the new system, as regulators across the globe are all set to mandate asset managers to reconcile their portfolios on a daily, weekly, monthly, quarterly or annual basis, as part of the drive to reduce operational and financial risk in the derivatives industry.
The technology has been developed in such a way that it fulfills the requirements of managers of vanilla derivative portfolios.
PortRec Xpress is a cost-efficient, web-based system, which resolves position information maintained by buy-side firms and their counterparties (dealers and clearing brokers), said the solution provider.
MarkitSERV claims that users are automatically alerted when discrepancies arise and an integrated, online dispute resolution system enables counterparties resolve these disputes in a timely manner.
MarkitSERV product management head Henry Hunter said with PortRec Xpress, clients can see the strength of their matches at a glance and the system offers a powerful yet intuitive tool to resolve disputes.
"By integrating PortRec Xpress with independent valuations from Markit and the MarginSphere collateral messaging service, we are offering a unified platform right when the industry needs simple solutions for complying with Dodd-Frank and other regulations worldwide," Hunter said.
MarkitSERV, jointly owned by The Depository Trust & Clearing Corporation (DTCC) and Markit, offers a single gateway for OTC derivatives trade processing.