trueEX and MarkitSERV resolve anti-competition dispute
01 December 2017 New York
Image: Shutterstock
The legal dispute between interest rate swaps exchange trueEX and IHS Markit subsidiary MarkitSERV has been resolved out of court with plans to restart the business relationship.
MarkitSERV, an over-the-counter post-trade platform, will continue to provide trueEX the same service and workflows it provides similar venues to process trades, trueEX confirmed in a statement on the agreement.
trueEX also confirmed it will also now offer its customers the choice of processing their trades to clearing through trueEX or through MarkitSERV.
A spokesperson for trueEX said: 鈥淭his means that it is now business as usual for trueEX.鈥�
The dispute, which surfaced in May, involved trueEX filing an anti-competition action against Markitserv, accusing it of cutting it out of the market.
According to trueEX, Markitserv terminated their long-running trading relationship due to trueEX鈥檚 unwillingness to allow IHS Markit to manage its post-trade processes.
It was alleged that Markitserv鈥檚 decision to cut ties with trueEX comes in response to trueEX鈥檚 launch of its own post-trade service provider truePTS in December 2015, which ate into MarkitSERV鈥檚 market share.
MarkitSERV, an over-the-counter post-trade platform, will continue to provide trueEX the same service and workflows it provides similar venues to process trades, trueEX confirmed in a statement on the agreement.
trueEX also confirmed it will also now offer its customers the choice of processing their trades to clearing through trueEX or through MarkitSERV.
A spokesperson for trueEX said: 鈥淭his means that it is now business as usual for trueEX.鈥�
The dispute, which surfaced in May, involved trueEX filing an anti-competition action against Markitserv, accusing it of cutting it out of the market.
According to trueEX, Markitserv terminated their long-running trading relationship due to trueEX鈥檚 unwillingness to allow IHS Markit to manage its post-trade processes.
It was alleged that Markitserv鈥檚 decision to cut ties with trueEX comes in response to trueEX鈥檚 launch of its own post-trade service provider truePTS in December 2015, which ate into MarkitSERV鈥檚 market share.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities 麻豆影视传媒 Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities 麻豆影视传媒 Times
