Markit to buy Swapswire

Markit plans to combine the Swapswire trade confirmation service with its own trade processing workflow platform to serve the over-the-counter derivatives markets. Markit said it will have over 200 buy-side institutions, 50 dealers, and 45 interdealer brokers as clients for the enhanced product.

“With the relentless growth of the OTC derivatives markets continuing to put pressure on operational infrastructure, and the ongoing regulatory concerns, the industry faces significant hurdles. We believe that by bringing Swapswire and Markit together, we will be able to provide the financial markets with the best possible tools to overcome these challenges,” said Chip Carver, chief executive officer of Swapswire, speaking in New York.

The business will be co-headed by Jeff Gooch, London-based head of trade processing and valuations at Markit, and Chip Carver. The acquisition is expected to be completed in early 2008.

See also:
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