CME Group and S&P Global are exploring the sale of their joint venture, OSTTRA, which provides post-trade services in the foreign exchange and derivatives markets. That reports Bloomberg based on sources familiar with the matter.
The companies are reportedly engaging financial advisers to find potential buyers for OSTTRA, with a valuation estimated between $2 billion and $4 billion, including debt, depending on the transaction structure. The deliberations are still in progress, and it is uncertain whether a sale will be finalised. Representatives for both CME and S&P Global have declined to comment on the negotiations.
OSTTRA was established in 2021 with CME contributing its Traiana, TriOptima, and Reset businesses, while IHS Markit, which was acquired by S&P Global in 2022, contributed its MarkitSERV platform. The joint venture, based in London, provides services essential for clearing, settling, and reporting financial securities in over-the-counter (OTC) markets. Its offerings include collateral management and trade matching and confirmation.
