MarkitServ connects to Asigna for clearing Mexican peso

New connection enables a standardised workflow and connectivity for clearing Mexican peso TIIE 28 swaps

Connectivity
Vital link: "With the connection between MarkitServ and Asigna, we can offer our clients an efficient and secure channel to transmit confirmed TIIE swap data to our clearing house,” says Catalina Clavé Almeida

MarkitServ, the derivatives-processing business of IHS Markit, has connected to Asigna, the clearing house for Mexican listed and standardised derivatives, expanding its global network of intermediaries while making it easier for clients to transact in the market.

Asigna Compensación y Liquidación has been clearing over-the-counter derivatives since 2016. Its clearing members include seven global and regional banks.

The new connection enables MarkitServ to provide standardised workflow and connectivity for matching, confirming and clearing Mexican peso TIIE 28 swaps.

“With the connection between MarkitServ and Asigna, we can offer our clients an efficient and secure channel to transmit confirmed TIIE swap data to our clearing house,” says Catalina Clavé Almeida, chief executive officer of Asigna. 

“It also helps global banks on the MarkitServ network do business in our market,” she adds. 

In October 2016, Mexico’s central bank said the US Commodity Futures Trading Commission would include the 28-day TIIE swaps in its list of swaps contracts.

A year earlier, in an effort to strengthen risk management in the market, the central bank had decided the instrument would only be negotiated in those markets and platforms recognised by local financial authorities.

With the connection between MarkitServ and Asigna, we can offer our clients an efficient and secure channel to transmit confirmed TIIE swap data to our clearing house
Catalina Clavé Almeida, Asigna

More than 2,500 firms use MarkitServ to process OTC derivatives trades, as well as reporting trades in multiple jurisdictions.

“Connecting to Asigna expands the global reach of the MarkitServ network and helps our clients access this important, growing market,” says Brad Levy, chief executive of MarkitServ and head of loans at IHS Markit.

“In providing a single point of access to 18 derivatives-clearing houses and multiple trade repositories, we offer an efficient solution for trade confirmation, trade lifecycle management and compliance,” he adds.

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