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Markit launches open messaging for financial services firms

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Soma Tah
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LONDON & NEW YORK: Markit, announced the launch of an open messaging network that will enable people in all parts of the global financial services industry to communicate and share information seamlessly.

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To date, communication between market participants has been hampered by the lack of system interoperability. The new network removes barriers to industry communication by allowing messaging platforms, critical to price discovery and pre and post trade operations, to connect to each other.

Markit Collaboration Services allows users to see availability, send instant messages, use video and chat rooms, and exchange documents across disparate messaging platforms.

Federating messaging platforms makes it cost effective for institutions to offer the benefits of a cross-industry collaboration network to employees throughout their enterprise.The federation service is powered by NextPlane.

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The new network also provides the first open directory for the financial services industry, enabling people to find, communicate and collaborate with one another. The messaging and directory services can be embedded in third party applications, workflows and other networks, extending the functionality of trading, processing, research and other applications.

Thomson Reuters is a founding member of the network and will federate its instant messaging tool, Eikon Messenger, with the network. It was built using open-based standards to offer a secure, federated messaging system that facilitates collaboration across the financial markets.

It already connects to other messaging platforms such as AOL and Yahoo!. It has a community of over 2,00,000 financial professionals from more than 170 countries that will be able to communicate across the new network.

BofA Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase and Morgan Stanley have also joined the network and will use the federation and directory services at the enterprise level. They will also invite their customers to join the network.