The financial information company Markit Group Ltd. announced an agreement Friday with Depository Trust and Clearing Corp. to provide electronic processing of syndicated loans.
"The syndicated loan market is one of the largest credit asset classes and we have been working with the industry on a global settlement solution that will connect buy- and sell-side participants electronically," said Armins Rusis, an executive vice president at Markit, in a press release.
DTCC, of New York, a major clearing house for the securities industry, will integrate its Loan/Serv Messaging Service into Markit's loan-settlement platform, a development expected to be complete in the first half of 2010, said Markit, a London provider of independent data and trade processing.
Markit said its loan platform will be enhanced further after it completes its acquisition of ClearPar, an automated loan platform, from Fidelity National Information Services Inc.; that deal was announced separately Friday and is expected to close by yearend. It did not give a price.
FIS, in a separate announcement, said its Advanced Commercial Banking Solutions unit has formed a strategic alliance with Markit to jointly promote sales of FIS' SyndTrak and SyndTrak Online and integrate these systems with Markit's loan business data and settlement products.