Osttra Connects MarkitWire and TriResolve
Posted by Colin Lambert. Last updated: July 7, 2022
Post-trade solutions provider Osttra says it has built a new connectivity between its MarkitWire trade confirmation platform, and TriResolve, its portfolio reconciliation, collateral management and reporting service.
“Data from MarkitWire acts as a gold copy for the majority of OTC derivative transactions,” explains Sheila Schofield, head of TriResolve business management EMEA. “For our clients, seamlessly incorporating this data in portfolio reconciliations will result in improved efficiency with minimal effort and no extra cost, enabling them to focus on their value-add tasks.”
Through this enhancement, the firm says trades confirmed by MarkitWire can be delivered directly into TriResolve, across a common network of more than 2,000 firms. “This will drive standardisation of data for reconciliation, bringing improved efficiency, cost reduction and greater transparency between counterparties,” it states.
The direct connectivity is live with nine existing customers, covering interest rate and equity derivatives, it will also include repo transactions following the go-live of Osttra Trade Processing for Repos in the third quarter, the firm says.
It adds that the enhanced workflow leverages the MarkitWire trade ID to link the full MarkitWire FpML trade representation with the existing data in TriResolve for customers who opt to switch on the new link. This information allows users to remediate trade breaks identified by TriResolve, making portfolio reconciliation a more efficient process.
The connection will bring operational alignment between MarkitWire users and collateral and reconciliation teams using TriResolve, with minimal input needed and no additional cost to reap the benefits, Osttra says.
“The connectivity between MarkitWire and TriResolve shows that Osttra is focused on accelerating innovation in post-trade,” says Peter Altero, head of rates business development at the firm. “Our clients will only have to flick a switch on the MarkitWire side to see the significant benefits of enhanced data in TriResolve. This is just the beginning. There is so much more efficiency to be gained up and down the post trade stack by having access to enhanced, standardised transactional data. Watch this space.”