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: “This means that it is now business as usual for trueEX.”
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’s unwillingness to allow IHS Markit to manage its post-trade processes.
It was alleged that Markitserv’s decision to cut ties with trueEX comes in response to trueEX’s launch of its own post-trade service provider truePTS in December 2015, which ate into MarkitSERV’s 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: “This means that it is now business as usual for trueEX.”
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’s unwillingness to allow IHS Markit to manage its post-trade processes.
It was alleged that Markitserv’s decision to cut ties with trueEX comes in response to trueEX’s launch of its own post-trade service provider truePTS in December 2015, which ate into MarkitSERV’s market share.
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