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Markit launches open messaging network
07 October 2013
Major financial services firms committed to platform
Markit Collaboration Services
Markit has announced the launch of an open messaging network, Markit Collaboration Services to improve communication between market participants, which had traditionally been hampered by a lack of interoperability between networks.
Markit Collaboration Services will allow messaging platforms using different networks to connect to each other, as well as allowing users to see asset availability. The service also allows members to send instant messages, use video and chat room facilities and send and receive documents.
Lance Uggla, chief executive officer of Markit, said: "We're excited to launch this new collaboration network which is the first of its kind. Our aim is to help financial market participants become more efficient in the way they communicate and share information. By offering them an interoperable collaboration system, we will change how financial markets operate."
BofA Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase and Morgan Stanley have signed up for the service, with Thomson Reuters on board as a founding member of the network.
David Craig, president of Financial & Risk at Thomson Reuters, said: "We are excited to work with Markit and the industry as a founding member of this new open messaging initiative which aims to break down the last barriers to cross-industry communication. This will significantly help the industry and will enable our customers to connect to their clients and counterparties regardless of the messaging tools they are using."
The network also includes an open contacts directory, as well as a full security and privacy framework that allows participating firms to retain full ownership of their messaging. Message content is encrypted and is not stored by the network.