Markit, the London-based financial data group, has launched a joint venture with the biggest US clearing house aimed at simplifying trading of over-the-counter derivatives, as regulators press for measures to reduce risk in the vast OTC markets.

The new company, known as Markitserv, will help dealers to streamline their operations and cut costs by confirming and settling trades across a range of asset classes in one place. Dealers must at present connect to several systems to process credit, equity and commodity derivatives trades.