IHS Markit Aims to Overcome FX Post-Trade Fragmentation

IHS Markit expects to gain substantial traction over the next year in the use of a distributed ledger to improve efficiency in post-trade for foreign exchanges as a result of its partnership with Cobalt, the fintech post-trade processing network. According to a story in MarketsMedia, IHS Markit, which provides critical information, analytics and solutions, announced that MarkitSERV and Cobalt are collaborating and that the firm will make a strategic investment in the fintech firm. MarkitSERV is a multi-asset class service for managing trade confirmation, clearing, allocation of block trades and regulatory reporting. In order to grow in FX, IHS Markit acquired Logicscope in 2011 and DealHub in 2015.  Logicscope provides post-trade workflow solutions and straight-through-processing for foreign exchange transactions while DealHub provides FX trade processing and trading services. MarkitSERV has a global network of more than 800 FX counterparties.