DTCC, Markit automating syndicated loan reconciliation for investors

By Sara Rosenberg

New York, April 14 - The Depository Trust & Clearing Corp. (DTCC) and Markit are working together to automate syndicated loan reconciliation for institutional investors and other buy-side firms, according to a news release.

In order to accomplish this task, the companies are creating a link between DTCC's loan/SERV reconciliation service and Markit's Wall Street office loan management system.

The loan/SERV reconciliation service enables agent banks and lenders to view and reconcile loan positions on a daily basis, while the Wall Street office loan management system provides a range of services for managing loan portfolios, including an accounting system for recording loan trades and principal and interest payments, as well as real-time data and pricing on global syndicated loans.

"Our link to DTCC will enable our customers to view and reconcile individual loan positions more efficiently," said Joe Widner, managing director of Markit, in the release.

"This will help rectify discrepancies, promote accurate reporting, including profit-and-loss figures, and enable our clients to manage their businesses more effectively," Widner added.

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