Tuesday, January 12, 2016

Markit Acquires Technology Assets Of DTCC Loan/SERV LLC

Markit, a leading global provider of financial information services, has acquired the position reconciliation technology assets of DTCC Loan/SERV LLC (Loan/SERV), a subsidiary of The Depository Trust & Clearing Corporation (DTCC). Financial terms of the deal were not disclosed.

Nearly 400 asset managers representing approximately 6,000 funds in the global syndicated loan market use the Loan/SERV Loan Position Reconcilement Service.

Scott Kostyra, managing director and head of Loan Settlement in Markit’s Processing division, said in a statement: “Adding position reconciliation is an important step for our loan franchise as we integrate Loan/SERV's position reconciliation service into our Markit Clear loan inventory platform and further enhance the functionality provided to lenders and agent banks. The combination of the data from Loan/SERV with the real time position data in Markit Clear will unify the experience for lenders and help them operate more efficiently by reducing the number of systems required to manage loan assets.

Under the terms of the transaction, Depository Trust & Clearing Corporation (DTCC) will continue to run its Loan/SERV application on behalf of the acquirer (Markit) until it is integrated into Markit’s Processing division. The deal, which is subject to customary conditions, is expected to close on January 21, 2016. 

In conjunction with the deal Markit will develop new cash settlement functionality in its loan trade settlement applications to better synchronise asset delivery with payment, reduce risk and improve efficiency.

Founded in 2003, Markit is a leading global provider of financial information services with over 4,000 employees in 11 countries. Markit provides independent data, trade processing of derivatives, foreign exchange and loans, customized technology platforms and managed services. Its clients include investment banks, hedge funds, asset managers, central banks, regulators, rating agencies and insurance companies. 

Image credit: Mondo Visione

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