CME Group and IHS Markit partner together for New Post-Trade Platform

Karthik Subramanian

CME Group, one of the largest derivatives marketplaces in the world, and IHS Markit, an analytics and solutions provider, have combined to form a new joint venture called OSTTRA which will be a post-trade services company.

This company would be owned in a 50:50 ratio by CME and IHS and is proposed to be a post-trade solutions provider for the global OTC market across various segments like FX, equity, and credit assets. OSTTRA will be co-led by the CEO John Stewart and Guy Rowcliffe. Stewart will also function as the COO and would be leading the strategy for the company and oversee the operations and technology growth within the company. He had served as global head of investment banking operations and chief data officer at UBS and brings in a wealth of experience in his field.

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

Rowcliffe was Head of Optimisation Services at CME Group and he will serve as the Chief Commercial Officer as well and would be responsible for the sales and product portfolio of the company.

The company is expected to provide cutting-edge data and settlement operations to a range of businesses and HNIs which would help them in post-trade operations. This is a key area of specialized growth that is being used by many fund management companies as it helps them with reconciliation and risk management. It is very important that the data that these companies have, can be relied upon and for this, the data and solutions provider of post-trade services must be reliable. It is this gap that this new company is seeking to address by tapping on to the infrastructure and services of 2 large companies with vast experience in this field over several years. This company has a lot of potentials to grow on its own as a specialized company

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