Spanish Bank Snaps Up RED

London, 25 January 2005 - Markit, the leading industry source for independent asset valuation data and services facilitating price verification and risk management in global financial institutions, today announced it has further strengthened its penetration of the major European markets by adding a heavyweight Spanish bank, Grupo BBVA, to its fast-growing client-base for Markit RED.

Markit RED provides the market standard reference entity names, reference obligations and codes used throughout the credit default swap markets. The database is a key part of the processes in this market including on-line trading, standard documentation and settlement. RED has significantly increased the efficiency of the matching, confirmation and settlement infrastructure at client firms by diminishing legal and operational risks and reducing transactional costs.

Juan Fernandez Blasco, Head of Trading at Grupo BBVA said, "The need for precise reference entity data in the CDS market led us to sign a contract with RED. Given RED's established reputation and quality of data, there is no doubt it will enhance our trading and operational capabilities going forward."

Penny Davenport, Director of Markit RED said, "We are delighted to have Grupo BBVA on board and look forward to extending our franchise throughout Spain. The rapid uptake of RED, and the widening use of the RED codes in all parts of the trade life-cycle, are bringing considerable process improvements and cost-reductions to our clients."

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About Markit

Markit is the leading industry source for asset valuation data and services supporting independent price verification and risk management in global financial and energy markets. Founded in 2001, the company is an independent enterprise with which the world's leading financial institutions and energy traders work strategically to create price transparency. Today, Markit enjoys the sponsorship of 13 financial institutions who manage assets in excess of $10 trillion, and data contribution relationships with over 45 dealing firms. Markit has designed, launched and acquired over 20 financial data services which are now used by over 300 institutions globally. Areas of product expertise and service include an independent valuation perspective on credit default swaps, syndicated loans, OTC derivatives and structured products (credit, equity, FX, rates, energy, power and metals), as well as dividend forecasting and index and ETF management.