Markit buys DTCC's Loan/SERV to improve efficiency

摘要

Markit has agreed to acquire the position reconciliation technology assets of DTCC Loan/ SERV, a unit of the Depository Trust & Clearing Corp, which it says will help to make the leveraged loan market more efficient. In conjunction with the acquisition, Markit will develop new cash-settlement functionality in its loan trade settlement platforms, which would reduce risk and improve efficiency in the market, the financial data company said in a statement. The market has been working to modernise and automate the loan asset class by eliminating the use of faxes and improving settlement times. It took 19.3 days to settle a trade in 2015, more than six times longer than it takes to settle a bond trade, according to Markit data.