Markit has agreed to acquire the Loan/SERV messaging portal from the Depository Trust & Clearing Corporation (DTCC).
The acquisition expands the ability of Markit’s loan messaging hub, Markit WSOData, to accept and distribute Financial Products Markup Language (FpML) messages from agent banks.
As the industry migrates from sending critical information about loans via email and fax to FpML, the new standard for electronic data exchange for financial products, Markit WSOData will increase the capability to update electronically clients’ portfolio management systems in real time.
DTCC Loan/SERV’s messaging portal, in a pilot program, recently demonstrated the first end-to-end delivery of FpML messages in the loan industry.
Markit WSOData receives by email, fax and FpML more than seven million agent notices on syndicated loans each year and redistributes over four million of those notices to clients via electronic straight-through delivery.