Citi and JP Morgan back MarkitSERV rival

Big dealers revealed as first bank clients of swaps start-up truePTS days after legal settlement

Clients of truePTS will see a 50–60% reduction in per-ticket processing fees, says the platform’s chief executive

New derivatives trade processing platform truePTS, which was embroiled in a legal battle with IHS Markit earlier this year, has signed up Citi and JP Morgan as clients.

The news is a coup for the platform, which was spun out of swap execution facility (Sef) trueEX. The company’s future has been under a cloud since May 8, when trueEX accused IHS Markit in a lawsuit of attempting to muscle it out of the post-trade services business.

However, the companies reached an out-of-court settlement on

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