MarkitServ rolls out workflow automation for cross-currency swaps

Enhanced service launched in conjunction with CLS and LCH

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Auto-fix: new functionality from MarkitServ applies FX rates for initial and final notional amounts for cross-currency swaps and basis swaps in CLS

MarkitServ, the over-the-counter derivatives trade-processing service of IHS Markit, has announced a series of new technology solutions that will enable full automation of settlement and margin payments for cross-currency swaps, in partnership with settlement utility CLS and clearing house LCH.

Cross-currency swap trades expose counterparties to significant settlement risk due to the high value of initial and final principal exchanges. The new initiative aims to help firms reduce financial and

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