Markit and the Depository Trust & Clearing Corporation (DTCC) have announced that MarkitSERV, their joint venture combining electronic trade confirmation and work flow to provide a single gateway for OTC derivative trade processing, will launch on September 1st.

The partnership was announced in July of last year with due diligence and regulatory approvals from the U.K. FSA and the U.S. Department of Justice now complete.

MarkitSERV will bring together the DTCC Deriv/SERV and Markit Wire trade confirmation platforms to cover all major asset classes including credit, interest rate, equity and commodity derivatives. Multiple market participants and execution venues will be connected to downstream processing platforms such as the DTCC's Trade Information Warehouse for credit default swaps.

In a statement, Michael Bodson, Executive Managing Director of DTCC Business Management and Strategy and Chairman-designate of MarkitSERV, said, "Our shared vision is to provide the industry with a more secure, reliable and streamlined operational environment for confirming OTC derivative transactions globally. Each of our firms has been independently successful, and this joint company will now leverage our combined expertise to extend benefits to a wider user base and across a more diverse range of financial instruments. This is certainly in keeping with DTCC's desire to pursue partnering opportunities that reduce risk and serve the industry as a whole."

Lance Uggla, Chief Executive Officer of Markit, added, "We have had extensive discussions with buy-side firms over the past year, and the message we keep hearing is that they need a simplified processing solution that is accessible and efficient. We believe MarkitSERV will address the industry's infrastructure needs and help the OTC derivative markets transition to a new environment of reduced risk and improved operational efficiency."