Page 110 - PRIAA Glossary

MarkitSERV
A joint venture between the DTCC and Markit which provides affirmation, confirmation, novation consent, clearing and portfolio reconciliation tools for over-the-counter (OTC) derivative transactions. MarkitSERV automates workflow from the point of trade execution through to managing trade lifecycle events and covers all major asset classes including credit, interest rate, equity, FX and commodity derivatives.
MarkitWire
An electronic platform used for affirmation, confirmation and clearing connectivity. MarkitWire allows for trade date affirmation and legal confirmation and reduces the need for paper confirmations.
MARK-TO-MARKET
The process of revaluing the book value or collateral value of a security on a regular basis (generally at end of day) to reflect the current market value.
MARPOL
International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto. This convention includes regulations intended to prevent and minimise pollution from ships by accident or by routine operations.
MASTER CONFIRMATION AGREEMENT (MCA)
An agreement between two counterparties which sets out the terms and conditions that will apply between them in relation to a particular type of derivative transaction. The MCA is supplemented by a transaction supplement which records the economic terms specific to each individual transaction. MCAs are predominantly used in respect of equity and credit derivatives transactions and a variety of MCA templates are published and maintained by ISDA.
MASTER-FEEDER STRUCTURE
A structure commonly used by hedge funds to pool in and offshore investors into one central vehicle called the master
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