Markit Group buys up confirmations service

Rapidly expanding market data firm Markit Group has signalled its intention to enter the trade confirmations market with the purchase of SwapsWire. The acquisition, which is set to conclude in early 2008, brings Markit the industry's leading swaps confirmation platform, which it will integrate with its own trade processing business. Financial terms were not disclosed.

Markit believes that combining the two companies will lead to greater automation of trade processing, to the benefit of all market

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