The Depository Trust & Clearing Corporation (DTCC) and Markit have rolled out a delivery-versus-payment (DVP) platform for secondary loan trading. The Loan/SERV Cash on Transfer service will help in reducing settlement risk in the loan market. The service will initially support U.S. dollar trades and expand over the next year to support cash settlement in 50 currencies. Cash on Transfer, which is a service offering of DTCC Loan/SERV, went live after a four-month pilot that included BNY Mellon, Citi, JP Morgan, MJX Asset Management and Sankaty Advisors.
Click here for the release from Business Wire.