Connectivity for OTC Rate Derivatives Clearing -

infrastructure for clearing OTC rate derivatives

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Trade entry to Nasdaq Clearing is primarily done via MarkitWire but trades can also be submitted via Clearing Workstation™  or through the OMnet API.

The service will provide you with matching and clearing of trades that are registered and a daily market valuation of the complete IRS portfolio.

Markitwire

Before sending a trade for clearing from MarkitWire, you can verify if the trade is eligible for clearing or not. The eligibility rules are based on the contract specification in the Nasdaq Nordic rules and regulations. The eligibility criterias are specified in MarkitSERV’s Documents and Download portal.

Markitwire Onboarding

For Nasdaq Clearing to be able to establish a technical connectivity and mapping of MarkitWire BIC’s and clearing accounts you will have to complete a specific admission form. Please reach out to our Member Services team who will assist you with the onboarding procedures.

NASDAQ OMX MarkitWire Onboarding Form

Before you submit trades for clearing, you must also inform MarkitSERV that they require access to NASDAQ Clearing as a clearinghouse. This request should be sent to the MarkitSERV Client Services Team.

Connecting to the UAT environment

For a member to test in the UAT system their MarkitWire BIC must be mapped to their Nasdaq MPID. To request this mapping, please contact Member Services.

Access to Nasdaq test environments are requested in the member portal.

The Clearing Process

  1. The client and EB agree a trade that is registered and affirmed through an affirmation platform.
  2. Once the trade is matched it is submitted to clearing.
  3. An initial trade validation is carried out.
  4. If the trade is valid the client’s appointed clearing broker will receive a message and either accept or reject the trade*.
  5. If the trade is accepted and sufficient collateral are in place, the trade will be novated, and an acceptance message is sent back to the affirmation platform.

* Please note that the CB can also choose to have a setup where the trade is accepted in MarkitWire, i.e. after trade matching but before the deal is submitted to the CCP

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