Markit Group Limited
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| Markit Group Limited | |
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| Founded | 2001 |
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| Headquarters | London |
| Key People | Lance Uggla, CEO |
| Employees | 1000+ |
| Products | Financial information for the credit derivatives market |
| Corporate Website | www.markit.com |
Markit Group Limited is a private company founded in 2001 as a source of credit derivative pricing. Its data, valuations and trade processing services are designed with the aim of helping clients reduce risk and improve operational efficiency.
The firm works with 1,000 financial firms globally such as investment banks, hedge funds, asset managers, central banks, regulators, rating agencies and insurance companies. More than 85 dealing firms have financial data relationships with Markit.
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History
In September 2009, Markit and The Depository Trust & Clearing Corporation (DTCC) launched a joint venture called MarkitSERV, which combined the two organizations' electronic trade confirmation and work flow platforms to provide a single gateway for over-the-counter (OTC) derivative trade processing.[1]
In January 2010, it was announced that General Atlantic would take a $250 million stake in Markit. The 7.5 percent stake valued Markit at just over $3 billion.[2]
In January 2011, Markit acquired risk analytics firm QuIC Financial Technologies, Inc. (QuIC), introducing an integrated platform and solution for risk-related services.[3]
Products and Services
Markit has "privileged relationships" with 16 shareholder banks, giving it access to a data set spanning credit, equities and the broader OTC derivative universe.[4] Markit is also a member of six leading trade organizations, including the Association for Financial Markets in Europe (AFME) and the American Securitization Forum (ASF).[5]
Markit collects price data from derivatives dealers and sells that information to clients. That has given some transparency to a once opaque market where contracts are traded between investors rather than on a public exchange. The firm also has been a key player in the CDS index space. On Oct. 16, 2008, NYSE Euronext signed a license agreement to use Markit's iTraxx European CDS index and clear it through NYSE Euronext's Bclear platform. [6]
Markit has also worked closely with Creditex Group Inc. in the area of credit derivatives compression services, which basically finds offsetting CDS trades and offsets them in a company's portfolio. Both firms were selected by the International Swaps and Derivatives Association (ISDA) to provide infrastructure support commitments made by major market participants to the Federal Reserve Bank of New York in October 2008.
The Depository Trust & Clearing Corporation (DTCC), in conjunction with Markit, in August of 2011 announced the launch of its Loan/SERV Cash on Transfer service. According to the firms, the DTCC service, coupled with Markit’s loan settlement platform, gave the global syndicated loan market its first delivery-versus-payment (DVP) platform for secondary loan trading. According to the firms, in the previous trading process, there was no assurance that cash settled simultaneously with the change of ownership recorded by agent banks at the time of trade settlement. This left the seller on each trade at risk of no longer being the lender of record of the loan asset without ensuring that cash payment had been received. Cash on Transfer linked the buyer, seller, agent bank, trade processing platform and counterparty accounts, allowing for cash and legal ownership of the asset to move simultaneously on the agreed trade settlement date.[7]
Key People
- Lance Uggla, CEO
- Kevin Gould, President
- Chip Carver, COO
- Roy Flint, Global Head of Infrastructure
- Rony Grushka, Chief Financial Officer
- Trevor Hill, Global Head of Human Resources
- Adam Kansler, Global Head of Corporate, Government and Legal Affairs, General Counsel
- Steve Lefler, Chief Risk Officer
- Shane Akeroyd, Executive VP, Global Head of Sales, Marketing and Client Support
- Jeff Gooch, CEO, MarkitSERV
- Mark Murray, Executive VP, Global Head of Markit WSO
- John Price, Managing Director, Global Head of Markit Economics
- Armins Rusis, Executive VP, Global Head of Data and Indices
- James Tanner, Executive VP, Head of Distribution and WSOD
Global Partner Network
Alacra ** Algorithmics ** Andrew Davidson & Co. ** Asset Control ** Black Mountain Systems ** BlackRock ** Calypso ** CDO Software ** CDO2 ** Charles River ** DST Global Solutions ** FactSet Derivative Solutions ** Fidessa Group ** First American CoreLogic ** FIS ** GoldenSource ** Linedata BFT ** LPS ** MarketAxess ** Misys ** Moody's Analytics ** Numberix ** OpenLink ** Paladyne Systems ** Quantifi Soulutions ** Reuters ** RIMES ** RiskMetrics-MSCI ** RiskVal ** SimCorp ** Sky Road ** Sophis ** SunGard Ambit BancWare ** Sungard FRONT ARENA ** Yield Book ** Zeliade Systems ** ZMF Financial Systems
References
- ↑ Markit and DTCC launch OTC derivatives trade processing JV. Finextra.
- ↑ Press Release. Markit Group.
- ↑ Markit Acquires Risk Analytics Firm. Markit.
- ↑ About Markit. Markit Group.
- ↑ Industry Involvement. Markit.
- ↑ Liffe joins Markit on CDS Clearing. MarketsMedia.
- ↑ Press Release. Markit Group.
