DTCC Loan/SERV Messaging Service joining Markit's electronic loan settlement platform

By Sara Rosenberg

New York, Oct. 29 -The Depository Trust & Clearing Corp. (DTCC) is contributing its Loan/SERV Messaging Service to Markit's electronic loan settlement platform, which is expected to improve communication between buyside and sellside market participants, according to a news release.

The Loan/SERV Messaging Service is a safe, secure and automated network for the transmission, receipt and online storage of industry standard loan messages in FpML format.

In addition, DTCC will connect the new Markit platform to other existing and future Loan/SERV products for loan reconciliation and cash settlement, including delivery versus payment.

DTCC's Loan/SERV Messaging Service is expected to be incorporated into the Markit loan settlement platform in the first half of 2010.

Also on Thursday, Markit announced that it is acquiring ClearPar, an automated syndicated loan operations platform, from FIS.

The acquisition is expected to close by the end of this year.

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