UPDATE 2-Markit, DTCC trade processing JV to start Sept 1

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LONDON, Aug 11 (Reuters) - Markit and The Depository Trust & Clearing Corp (DTCC) said on Tuesday that a joint venture called MarkitSERV will begin offering a one-stop shop for the processing of over-the-counter derivatives trades from Sept. 1.

The global venture between two of the leading service companies in the derivatives industry is designed to cover all major asset classes including credit, interest rates, equities and commodities.

It was created to help speed up the shift to electronic trade confirmation and central clearing and reduce risk in the OTC derivatives markets, the companies said.

"With electronic processing, trading and clearing-houses, we can create a very efficient, transparent OTC market" that can compete against the exchanges, Jeff Gooch, Markit executive vice president, said in an interview.

He cited the OTC market in interest-rate swaps as an example, saying ithas remained robust despite heavy competition from exchanges.

MarkitSERV aims to provide a single gateway to the many electronic trading platforms, central clearing-houses and other service vendors so that investors and dealers can mix and match without having to make separate connections to each.

"There are points where an aggregator makes sense. As new exchanges and clearing-houses are being created, this allows for things to be done without requiring spaghetti wiring," said Michael C. Bodson, DTCC executive managing director.

MarkitSERV will provide affirmation, confirmation, novation, allocation and reconciliation services, removing the need for users to connect to numerous, asset-specific trade processing systems, the companies said.

The planned partnership was first announced in July and has since obtained regulatory approvals and completed due diligence, the companies said.