IHS Markit Partners to Launch Post-trade Services Company

IHS Markit and CME Group have launched a post-trade services company after collaborating on the joint venture earlier this year. Known as OSTTRA, the new company combines CME’s optimization businesses including Traiana, TriOptima, and Reset and IHS Markit’s derivatives reporting service, MarkitSERV, to offer post-trade service to OTC markets. According to a story in The TRADE news, IHS Markit paid the derivatives exchange a $113 million equalization payment to purchase 50% of the newly launched entity. Further terms were not disclosed. CME and IHS Markit said OSTTRA will give users improved front-to-back office workflow, connectivity, trading certainty, risk management and post-trade operational efficiency. Headquartered in London, CME Group’s former global head of optimization services, Guy Rowcliffe, and IHS Markit’s former senior vice president, John Stewart, have been appointed as co-chief executives.