Markit venture is first casualty of US swap flop

Clearing credit hub closes, with Markit citing disappointing Sef volumes

Closed sign
Markit shuts down Credit Centre

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 an

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