Markit Wins Award for Best Operational Support Services Provider
London, 19 July 2006 - Markit Group Limited (“Markit”) today announced it has won Credit magazine’s inaugural award for Best Operational Support Services Provider. Markit is the leading provider of independent pricing, reference data, portfolio valuations and OTC derivatives trade processing for the global financial and commodities markets.
According to Credit magazine, Markit received a 'resounding endorsement' from this year's voters in recognition of the breadth of its services across pricing and reference data, valuations and credit derivative market administration. Markit took over a third of the vote, beating some of the best known data, technology and trade processing providers in the credit markets.
The winners were determined by a poll of the most significant European credit market participants, including asset managers, pension funds, insurance companies, banks and hedge funds. The annual awards were presented at a ceremony in London yesterday evening.
This award recognises the importance of Markit RED (Reference Entity Database), the industry-standard reference entity and reference obligation identifiers used throughout the fast-growing credit default swap (CDS) market. RED is widely acknowledged to have significantly increased the efficiency of the matching, confirmation and settlement processes at client firms. The service now boasts 140 clients and the database continues to grow, recently extending its coverage into the syndicated loans market.
Another service highlighted by Credit magazine is Markit Portfolio Valuations which provides buy-side clients with independent valuations for all over-the-counter derivatives, both vanilla and exotic. The service was launched in response to growing regulatory concerns about the complexity of derivatives, and the weaknesses in valuation methodologies and processes for asset managers' portfolios.
The company's central role as calculation agent of the Dow Jones CDX and iTraxx credit derivative indices was also singled out as an important factor in maintaining the transparency and liquidity of the CDS markets.
Markit's recent acquisition of Communicator Inc, a company that provides trade processing services for all OTC derivative instruments, has further reinforced its operational offering.
Lance Uggla, CEO of Markit, said: "It is an honour to receive Credit's inaugural award for Best Operational Support Services Provider, and to have been recognised by the market for bringing greater operational efficiency to the credit arena. We will continue to strive to be at the forefront of innovation, providing our customers with the best tools to enhance their risk management processes."
- Ends -
For further information, please contact:
Markit
Teresa Chick
Director, Corporate Communications
Tel: +44 (0)20 7260 2094
Email: teresa.chick@markit.com
About Markit Group
Markit Group Limited is the leading provider of independent pricing, reference data, portfolio valuations and OTC derivatives trade processing to the global financial and commodities markets. The company receives daily data contributions from 60 dealing firms, and its services are used by 450 institutions. Markit's services are used to enhance trading operations, reduce risk and manage compliance.
Markit's position in the derivatives markets has been acknowledged by the industry with awards from Credit for Best Operational Support Services Provider 2006; Inside Market Data for Reference Data Provider of the Year 2006, and Company to Watch 2006; Risk Magazine for Trading Initiative of the Year 2006 (Credit Event Fixings); Structured Finance International's Editor's Award for Advancing Structured Finance 2006; International Securitisation Report's Editor's Award for Innovation 2005; International Financing Review's Innovation of the Year 2005 (Credit Event Fixings); Financial News' Best Derivatives Data Provider 2005; and Institutional Investor's Operations Management Award for Vendor of the Year 2005.
View all Press Releases