CME and IHS Markit launch OSTTRA post trade group

CME Group and IHS Markit have launched their joint venture, OSTTRA, a new post-trade services company.

The 50/50 owned group combines CME Group’s optimisation businesses –Traiana, TriOptima, and Reset – and IHS Markit’s derivatives reporting service, MarkitSERV, to offer post-trade service to OTC markets across interest rate, foreign exchange, equity and credit asset classes.

The terms of the deal, which was first announced in January, include a $113m equalisation payment from IHS Markit to CME Group.

At the time, both companies said the new group aims to improve front-to-back-office workflow, connectivity, trading certainty, risk management and post-trade operational efficiency.

Lance Uggla, Chairman and CEO of IHS Markit,

OSTTRA will be based in London and led by Guy Rowcliffe and John Stewart.

Rowcliffe will serve as Co-CEO and Chief Commercial Officer, with oversight for leading the company’s full product portfolio and sales teams while Stewart will be Co-CEO and Chief Operating Officer responsible for leading business strategy, operations and technology as well overseeing corporate services and finance.

“These complementary businesses provide clients with enhanced platforms and services for global OTC markets,” said Terry Duffy, CME Group Chairman and Chief Executive Officer.

He added,“The combined force of the product suite ensures a streamlined post-trade ecosystem that will help clients drive even greater efficiencies. As the demands for automation continue to transform the post-trade landscape, OSTTRA will be at the forefront of helping market participants build a secure and sustainable market infrastructure.”

Lance Uggla, Chairman and CEO of IHS Markit, said, “OSTTRA brings together the people, processes and networks to solve the market’s most pressing problems through innovating, integrating and optimizing the post-trade workflow.

John, Guy and the team have the experience and vision to meet the increasingly complex post-trade challenges of today and address the operational needs of the future.”

©Markets Media Europe 2021

Stock exchanges’ listing rules are putting investors at risk

Global stock markets are financing companies which are sitting on three times more coal,...

Northern Trust launches digital assets and financial markets group

Following the growth of digital markets alongside the continued evolution of the traditional securities...

The CSRD is almost at the finishing line

Negotiators for the European Parliament and European Union governments reached a provisional agreement on...

Stock exchanges’ listing rules are putting investors at risk

Global stock markets are financing companies which are sitting on three times more coal,...

Northern Trust launches digital assets and financial markets group

Following the growth of digital markets alongside the continued evolution of the traditional securities...

The CSRD is almost at the finishing line

Negotiators for the European Parliament and European Union governments reached a provisional agreement on...