Markit agrees SwapsWire purchase in principle

Markit has agreed in principle to buy SwapsWire, the electronic trade confirmation network for the OTC derivative markets. Markit says the acquisition is expected to complete in early 2008, subject to agreement of definitive documents, due diligence, shareholder and regulatory approval.

SwapsWire is owned by a consortium of 21 derivative dealers and employs 100 staff based in offices in London, New York and Tokyo. According to Markit, SwapsWire was the first to market with an automated service that enabled market participants to complete trade date confirmation immediately upon execution.