10 May 2017
New York
Reporter: Drew Nicol

trueEX sues IHS Markit for anti-competition


Interest rate swaps exchange trueEX has brought an anti-competition action against Markitserv, accusing the IHS Markit business of cutting it out of the market.

According to trueEX, Markitserv, an over-the-counter post-trade platform, recently terminated their long-running trading relationship due to trueEX’s unwillingness to allow Markit to manage its post-trade processes.

The decision means that Markiserv is no longer able to accept ‘drop copy’-only messages from trueEX. The legal complaint was filed in the US District Court for the Southern District of New York on 8 May. It seeks an injunction delaying the termination of their agreement.

It has been alleged that Markitserv’s decision to cut ties with trueEX comes in response to trueEX’s launch of its own post-trade service provider truePTS in December 2015, which is eating into Markitserv’s market share.

In a statement on the decision to file the legal action, trueEX co-founder and CEO, Sunil Hirani, said: “What I have surmised from my conversations with Markit, is they would like us to interact with them in a manner that most closely resembles the way voice broker IDB firms interact with them for voice trades—meaning the transaction would be executed on trueEX (FIX or UI) and then Markit exclusively would perform the matching, clearing and SDR messaging lifecycle events.”

“This change requires trueEX to insert Markit in the middle of all of our activities in order to process, clear and report transactions, thereby creating additional workflow steps, potentially slower response times, additional software and connectivity changes and higher costs.”

Hirani encouraged mutual clients of the two platforms to lend their voices to trueEX’s calls for the trading relationship to be reinstated.

IHS Markit has yet to respond to a request for comment.

More news
The latest news from Securities Lending Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
NEX Regulatory Reporting made trade repository under EMIR
24 November 2017 | London | Reporter: Jenna Lomax
The trade repository, which will be based in Stockholm, Sweden, will prepare NEX for its trade operations post Brexit
Al Ramz Capital gains short selling licence
24 November 2017 | Abu Dhabi | Reporter: Jenna Lomax
Al Ramz Capital is one of the first investment providers to offer short-selling in the UAE
BNP Paribas bolsters its senior agency lending roster
24 November 2017 | London | Reporter: Drew Nicol
Adnan Hussain moved from RBC to take up a role as global head of agency lending and head of market and financing services in the UK for BNP Paribas
Hedge funds continue 2017 run
23 November 2017 | Madrid | Reporter: Drew Nicol
Global AUM of hedge funds rose 24 percent to $3.2 trillion in the past two years, according to data captured by IOSCO’s latest market survey.
Goldman Sachs appointed by Thrivent for agent lending
23 November 2018 | Minneapolis | Reporter: Jenna Lomax
Thrivent Financial has appointed Goldman Sachs as it new lending agent
ICMA maps repo and cash bond operations
22 November 2017 | Zurich | Reporter: Zsuzsa Szabo
ICMA has launched a free-to-read mapping directory for more than 80 technology solutions for repo and cash bond operations
FCA publishes MiFID II guide
22 November 2017 | London | Reporter: Jenna Lomax
The guide focuses on the regulatory regime in MiFID II for trading venues and data reporting services providers