Markit teams up with the DTCC

London-based data provider Markit and the New York-based Depository Trust and Clearing Corporation (DTCC) have announced their intention to form a new company to serve the over-the-counter derivatives markets. The jointly owned entity, which will be named at a later date, will combine the companies' existing trade-processing platforms and services to provide a single processing service for OTC derivatives. It will offer automated trade affirmation, trade allocation and novation consent tools