Markit Wire is the innovative electronic network for dealers, inter-dealer brokers, prime brokers and buy-side clients to exchange trade data, confirm OTC transactions and achieve straight-through-processing. Communication is direct with a counterpart and legal confirmations are in place within minutes of execution.
- Reduces risk
- Dramatically reduces re-booking rates
- Eliminates operational delays
- Saves costs and increases efficiency
- Allows you to handle increased volumes with no new headcount
- Simplifies and standardises trade capture
- Legally binding confirmation on trade date
- Integrated electronic broker confirmations
- Front office friendly
- Intelligent templates cut down data entry
- Easy integration for full STP or standalone mode
- Trade Life Cycle events fully supported
- Connections to other best-of-breed services
Trades ISDA®- Confirmed Within Minutes of Execution
Dealer-to-Client – Trade is input by the dealer. Client accepts on-screen or matches electronically. Optional allocation. Trade confirmed.
Dealer-to-Dealer (Brokered) - Deals are executed in the normal manner and loaded by the broker or e-trading platform. The same trade details are then sent within seconds to both dealers for review. Dealers check out the trade with the broker and affirm it with each other in one action. Trade confirmed.
Dealer-to-Dealer - A dealer inputs the trade from his desktop and sends it directly to the counterpart via the Markit Wire system. No separate e-mails, faxes or third party services required. The counterpart reviews the trade and accepts it. Trade confirmed.
Give-Up Trades – Full support for prime brokerage (give-up) functions.
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Benefit from Increased Efficiency and Control
- Positions can be updated in risk both pre- and post-trade confirmation
- Markit Wire supports complete life cycle events. Partial/full termination, amendments, option exercise, corporate actions, allocations and novations can all be confirmed
- A dedicated screen for support staff provides monitoring and tracking features. The status and detail of trades can be viewed in real-time from the moment they are received and after confirmation – satisfying requirements for independent verification
- Trade details are archived for seven years beyond maturity and can be stored electronically at client sites
- Periodic reconciliation back to the Markit Wire database ensures books and records are consistent with confirmed details
- Printable deal ticket provides optional hard copy
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Markit Wire For The Buy-Side
- Free of charge
- Easy sign-up
- No additional fees for buy-side trades
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Legal Framework
Deals are confirmed under existing Master Agreements, with no need to renegotiate.
A single set of terms with Markit Wire covers all activity.
- ISDA® 1999 and 2003 Definitions (Credit Products)
- ISDA 2000 and ISDA 2006 Definitions (Interest Rate Products)
- ISDA 2002 Definitions (Equity Products)
- AFB and German Master Agreement
Trade data represented in FpML™
Standardized Break Clause Language with bi-lateral defaults
Short or Long Form confirmation for CDS
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Supported Product Types
Interest Rate, Inflation, Equity and Credit Derivatives
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Integration Options
Data can be imported into proprietary systems to achieve true STP, or Markit Wire can be used on a standalone basis to receive T+10 minute ISDA® confirmations. Reconciliation to internal systems can be automatic or via spreadsheets.
Markit Wire links seamlessly with many leading third party systems to achieve true straight-through-processing.
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Implementation & Customer Support
Dedicated account managers and technical staff ensure smooth installation of the system and provide training. On-going customer support is available 24 hours a day.
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