Markit to Launch First Multi Dealer Valuations Platform

London and New York – Markit, the leading provider of independent data, portfolio valuations and OTC derivatives trade processing to the global financial markets, today announced plans to launch the first global, multi-bank, cross-asset client valuations platform.

Markit Valuations Manager will bring considerable operational efficiency and transparency to a buy-side firm’s valuation process by offering electronic delivery of dealer OTC derivative and consensus cash valuations, alongside Markit’s own independent valuations, on a single platform.

The initiative comes as recent regulatory and accounting changes have increased the importance of reliable, independent valuation sources for funds. Markit Valuations Manager will provide the buy-side with an accurate, efficient tool to handle the increased regulatory and accounting burden, and will enhance the integrity of position information, counterparty marks and third-party valuations.

Jeff Gooch, Executive Vice President and Head of Valuations and Trade Processing at Markit, said: “Regulators around the world are increasingly focused on the importance of greater transparency, establishing best practice for client valuations, and a trusted, independent process is key. Markit Valuations Manager is a tremendously exciting initiative which will allow financial institutions to better understand and manage their risks at this challenging time.”

Chris Ryan, Head of Global Credit Fixed Income and FICC Administration at UBS, said: “UBS is pleased to join with our peers and Markit to develop a valuation service which, in this challenging market environment, will provide our clients with greater transparency and more consistency in third-party valuations while increasing the efficiencies of this service.”

"We are excited to work closely with Markit on this cross-asset class client valuations initiative. The new service should provide significant productivity gains for banks and clients, and improve audit trails between counterparties," said Lawrence Waller, Managing Director, Investment Banking Operations at JPMorgan.

Six leading global investment banks have agreed to work with Markit to support the launch of the platform. The banks are: Citi, Credit Suisse, Goldman Sachs, JPMorgan, Merrill Lynch and UBS. They will provide Markit with end-of-day and end-of-month client valuations for OTC derivative instruments and cash securities. Markit will aggregate this information and offer clients access to a composite of dealer marks for cash securities and counterparty present values for OTC derivative positions.

Clients will be able to compare the dealer marks with Markit’s independent valuations. Additionally, the platform will offer seamless integration with Markit’s Trade Processing solutions to allow full life cycle support for OTC derivative transactions.

David Lefferts, Managing Director at Markit, will lead the initiative. Markit aims to launch the platform in the second half of 2008 with core coverage of bonds and derivatives. The platform will subsequently be expanded in phases to include more banks and all major cash and derivative asset classes, including structured instruments such as asset-backed and mortgage-backed securities.

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For further information, please contact:

Teresa Chick
Managing Director, Corporate Communications
Markit
Email: teresa.chick@markit.com
Telephone: +44-20-7260-2094


About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.

About Credit Suisse
As one of the world's leading banks, Credit Suisse provides its clients with investment banking, private banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse is active in over 50 countries and employs approximately 45,000 people. Credit Suisse's parent company, Credit Suisse Group, is a leading global financial services company headquartered in Zurich. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

About Goldman Sachs
Goldman Sachs is a global investment banking, securities and investment management firm. It provides a wide range of services to a substantial and diversified client base that includes corporations, institutional investors, governments, non-profit organisations and high net worth individuals. The firm is headquartered in New York and maintains significant offices in London, Frankfurt, Tokyo, Hong Kong and other financial centres around the world.

About JPMorgan
JPMorgan (www.jpmorgan.com) is the investment banking arm of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $1.5 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.

About Markit
Markit is the leading provider of independent data, portfolio valuations and OTC derivatives trade processing to the global financial markets. The company receives daily data contributions from 90 dealing firms, and its services are used by almost 1,000 institutions to enhance trading operations, reduce risk and manage compliance.

About Merrill Lynch
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 40 countries and territories and total client assets of almost $2 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Merrill Lynch owns approximately half of BlackRock, one of the world's largest publicly traded investment management companies, with more than $1 trillion in assets under management. For more information on Merrill Lynch, please visit www.ml.com.

About UBS
UBS is one of the world’s leading financial firms, serving a discerning international client base. Its business, global in scale, is focused on growth. As an integrated firm, UBS creates added value for clients by drawing on the combined resources and expertise of all its businesses.
UBS is the leading global wealth manager, a leading global investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking.
UBS is present in all major financial centers worldwide. It has offices in 50 countries, with about 38% of its employees working in the Americas, 33% in Switzerland, 17% in the rest of Europe and 12% in Asia Pacific. UBS's financial businesses employ more than 80,000 people around the world. Its shares are listed on the Swiss Stock Exchange (SWX), the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

Jeff Gooch, EVP, Markit
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David Lefferts, MD, Markit
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