RTTNews | Sep 1, 2021 07:44AM EDT

07:44 Wednesday, September 1, 2021 (RTTNews.com) - CME Group (CME) and IHS Markit (INFO) announced Wednesday they have launched their joint venture, OSTTRA, a new post-trade services company. OSTTRA, 50/50 owned by CME Group and IHS Markit, is a leading provider of progressive post-trade solutions for the global OTC markets across interest rate, FX, equity and credit asset classes.

The terms of the deal included a $113 million equalization payment from IHS Markit to CME Group to achieve 50/50 ownership and shared control in the joint venture. Further financial terms were not disclosed.

OSTTRA brings together the people, processes and networks to solve the market's most pressing problems through innovating, integrating and optimizing the post-trade workflow.

It incorporates CME Group's optimization businesses -Traiana, TriOptima, and Reset - and IHS Markit's MarkitSERV. Headquartered in London, OSTTRA will be led by Co-CEOs Guy Rowcliffe and John Stewart.

Rowcliffe will serve as Co-CEO and Chief Commercial Officer, with oversight for leading the company's full product portfolio and sales teams. Stewart will serve as Co-CEO and Chief Operating Officer responsible for leading business strategy, operations and technology as well overseeing corporate services and finance.

Read the original article on RTTNews ( https://www.rttnews.com/3222532/cme-group-ihs-markit-form-jv-to-launch-osttra-quick-facts.aspx)

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