Markit Agrees to Acquire Swapswire

Securities Industry News reports that Markit, has agreed to buy London-based SwapsWire, the OTC derivatives confirmation platform, for an undisclosed price. Thirteen of Markit’s broker-dealer owners are among SwapsWire’s owners. Here's the press release.

The FT reports "the deal highlights the trend towards consolidation between the platforms that offer processing for over-the-counter derivatives trades."

Swapswire's About Us states the system has grown rapidly since its introduction in 2002 and is now relied upon by derivatives professionals at hundreds of sites worldwide. Markit's  About Us says the firm, established in 2001, has close to 1000 clients.