Markit venture is first casualty of US swap flop
Clearing credit hub closes, with Markit citing disappointing Sef volumes
Markit has told Risk it is closing its pre-trade credit-checking hub with immediate effect, citing slack trading volume on US swap execution facilities (Sefs) and particularly the failure of large-scale limit order book trading to take off. The decision had been rumoured for weeks.
"Credit Centre was a forward-looking service designed to handle hundreds of thousands of messages a second. The service was in production with relevant Sefs but the market did not evolve as quickly as we envisioned
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