London and New York, NY – Markit, a leading provider of independent data, portfolio valuations and Over-The-Counter (OTC) derivatives trade processing, today announced that it has completed the acquisition of SwapsWire, the electronic trade confirmation network for the OTC derivative markets. Markit expects to complete the full integration of the company by July this year.

According to data from the latest Markit Metrics report, trade confirmation backlogs in credit derivatives stabilised in the first quarter this year to approximately 6,000 trades per dealer per month relative to average monthly trading volumes of 25,000 trades per dealer. However, with OTC derivative markets continuing to grow at a rapid pace, market infrastructure will remain a key concern among regulators.

Jeff Gooch, Executive Vice President, Co-Head of Trade Processing and Head of Valuations at Markit, said: “The combination of the Markit and SwapsWire trade processing platforms gives us critical mass and a global ...   more »