trueEX sues Markit over threat to withdraw service

Sef claims it would be forced out of business if it loses access to MarkitSERV

Southern District Court of New York
The case has been filed at the US District Court for the Southern District of New York

Start-up derivatives trading venue trueEX is suing Markit for allegedly threatening to terminate an agreement allowing it to access Markit’s trade processing platform for interest rate swaps – a move it claims is an attempt to muscle the venue out of the post-trade market, where the two firms compete.

The lawsuit filed on May 8 claims MarkitSERV had informed trueEX of its intent to terminate its relationship with the company, effective May 14, with access thereafter being provided on an “uncert

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