Markit, a leading provider of independent data, portfolio valuations and over-the-counter (OTC) derivatives trade processing, today announced a new electronic novation [1] consent service for clients in the credit derivatives market. The new service aims to support commitments made by the Operations Management Group (OMG), a senior industry leadership group, to the Federal Reserve Bank of New York in March this year.

The novation consent service will link Markit Trade Manager, a comprehensive cross-asset class trade workflow and reporting service used by major buy-side institutions, to the Depository Trust & Clearing Corporation (DTCC), the central repository of novation consents for credit derivative products. The new link, which is an extension to the existing link between Markit and DTCC, is scheduled to go live in August 2008. The new service complements the existing Markit Wire novation service for the interest rate and equity derivative markets.

“Markit’s ...   more »