Geopolitical tension and rate volatility are driving traders toward more automated post‑trade infrastructure, with OSTTRA reporting record activity on its MarkitWire platform.
The service processed 6.3 million contracts in Q1, up 27% year‑on‑year, and set a fresh single‑day record on 13 March with over 150,000 rates trades.
Demand is also rising in cross‑currency swaps: participating banks in OSTTRA’s CLS‑linked settlement service have doubled since 2023, while settlement instructions have quadrupled to more than 59,000 over the past year.
Michael Wilshere, rates product owner for Trade Processing at OSTTRA, said the surge reflects traders’ need to manage risk quickly in volatile markets, adding that further automation and currency expansion remain core priorities.
