Markit Group

Markit Group
Markit Group
Type Private
Industry Financial services
Founded 2001
Headquarters London, United Kingdom
Key people Lance Uggla, CEO
Products Financial Data, Valuations and Trade Processing
Employees 2300 (July 2011)
Website www.markit.com

Markit Group Limited. is a global financial information services company with over 2,300 employees.[1] The company provides independent data, valuations and trade processing across all asset classes in order to enhance transparency, reduce risk and improve operational efficiency. Its client base includes significant institutional participants in the financial marketplace.[1]

Markit is headquartered in London. Other Markit offices include New York, Dallas, Boulder, Calgary, Vancouver, Toronto, Amsterdam, Frankfurt/Main, Luxembourg, Tokyo, Singapore, Delhi and Sydney.[1][2][3]

Contents

History

Markit was founded in 2001 to provide daily credit default swap (CDS) pricing.[4]

Mark-It Partners (as it was called in its early days) acquired LoanX, Inc., a leading US provider of syndicated loan data, in December 2003.[5]

In May 2004 Mark-It bought Totem Valuations, a supplier of consensus valuations.[6]

In January 2006 Markit launched the first asset-backed securities index, ABX.HE.[7] In May 2006 Markit bought Communicator Inc from White Plains, New York, a financial information technology company.[8] In August 2006 Markit acquired Chasen Enterprises, provider of structured securities modelling.[9] In September 2006 Markit bought Amsterdam-based MarketXS, a financial data distribution and trading solution provider.[10]

Markit's credit derivative data became especially sought after since the start of the subprime mortgage crisis in 2007.[11]

In November 2007 Markit acquired the owners of the iTraxx and CDX credit default swap indexes, International Index Company (IIC) and CDS Index Company (CDSIndexCo).[12] In December 2007 Markit announced the acquisition of SwapsWire[13], an electronic trade confirmation network, which was completed in May 2008.[14]

In January 2008 Markit acquired the Boat MiFID-compliant trade reporting platform from a consortium of nine investment banks.[15] In April 2008 the company bought NTC Economics, a provider of global macro-economic indicators and owner of the widely-referenced Purchasing Managers Index (PMI) series.[16] In July 2008 Markit acquired JPMorgan Chase's FCS Corporation, a provider of syndicated loan market portfolio and risk management software and services, including the Wall Street Office family of products.[17][18]

In September 2009 Markit and Depository Trust & Clearing Corporation (DTCC) launched MarkitSERV, a joint venture to provide over-the-counter (OTC) derivative trade processing.[19] In October 2009 Markit acquired electronic loan-trade-processing platform ClearPar from Fidelity Information Services, announcing to work with DTCC to improve the processing of syndicated loans.[20]

In June 2010 Markit acquired Boulder, Colorado-based Wall Street on Demand (WSOD), which provides financial data visualization services.[21][22]

In January of 2011 Markit acquired the risk analytics firm QuIC Financial Technologies, Inc (QuIC). QuIC provides financial organisations with risk analytics solutions to test market and credit risk tolerance in financial portfolios and simulate risk at the enterprise level. [23]

Products and services

  • Markit Portfolio Valuations
  • Markit BOAT
  • Markit Bonds
  • Markit CDS Pricing
  • Markit Connex
  • Markit Desktop
  • Markit Distribution Platform
  • Markit Dividend Forecasting
  • Markit Document Exchange
  • Markit Enhanced Feed
  • Markit Environmental Registry
  • Markit Hub
  • Markit iBoxx Indices
  • Markit Index Management
  • Markit Loans
  • Markit MSA
  • Markit PBWire
  • Markit PortRec
  • Markit Quotes
  • Markit Solutions
  • Markit Tie-Outs
  • Markit TOTEM
  • Markit Trade Manager
  • Markit Trade Processing
  • Markit Wire
  • Markit Structured Finance
  • Markit WSO
  • Markit Valuations Manager
  • Markit Research Manager

See also

References

  1. ^ a b c "About Markit". Markit. http://www.markit.com/en/about/about-Markit.page?. Retrieved 2010-02-20. 
  2. ^ "Markit Opens Delhi Office". Markit. 2009-09-03. http://www.markit.com/en/media-centre/press-releases/detail.page?dcr=/markit/PressRelease/data/2009/09/2009-09-03. Retrieved 2010-02-20. 
  3. ^ "Markit Careers Sydney". Markit. 18 August 2010. http://www.markit.com/en/careers/careers-homepage.page?#Sydney. Retrieved 18 August 2010. 
  4. ^ "Markit says buys IIC, agrees to buy CDS IndexCo". Reuters. 2007-11-14. http://www.reuters.com/article/mergersNews/idUSL1444559220071114. Retrieved 2007-12-14. 
  5. ^ "Mark-It Partners' acquisition of LoanX creates unrivalled coverage of the global credit markets". Bobsbuide. 2003-12-16. http://www.bobsguide.com/guide/news/2003/Dec/16/MARK-IT_PARTNERS%27_ACQUISITION_OF_LOANX_CREATES_UNRIVALLED_COVERAGE_OF_THE_GLOBALCREDIT_MARKETS.html. Retrieved 2010-10-10. 
  6. ^ "Mark-It Partners acquires Totem Valuations". Finextra. 2004-05-05. http://www.finextra.com/news/fullstory.aspx?newsitemid=11761. Retrieved 2010-10-10. 
  7. ^ "CDS Indexco and Markit Launch Synthetic ABS Index". Markit. 2006-01-17. https://www.markit.com/marketing/press_releases.php?date=17Jan2006. Retrieved 2007-12-14. 
  8. ^ "Markit Acquires Communicator". Communicator Inc. 2006-05-10. http://www.communicatorinc.com/pr/PR_2006_Markit_Acquires_Communicator.html. Retrieved 2007-12-16. 
  9. ^ "Markit Reinforces Structured Finance Services Through Acquisition of Chasen Enterprises". PR Newswire. 2006-08-29. http://www.prnewswire.co.uk/cgi/news/release?id=177827. Retrieved 2007-12-16. 
  10. ^ "Markit acquires MarketXS to meet client demand for bespoke delivery of data and MiFID compliance solutions". Bobsguide. 2006-09-04. Archived from the original on 2007-09-05. http://web.archive.org/web/20070905005732/http://www.bobsguide.com/guide/news/15170.html. Retrieved 2007-12-16. 
  11. ^ Baird, Jane (2007-11-23). "Global investors struggle to value credit assets". Financial Post. http://www.financialpost.com/story.html?id=6c4652ed-aee7-4d11-bc86-1b849872c586. Retrieved 2007-12-16. 
  12. ^ "Markit Buying Owners of iTraxx, CDX Credit Indexes". Bloomberg. 2007-11-14. http://www.bloomberg.com/apps/news?pid=20601080&sid=awvPyvPEPnug&refer=asia. Retrieved 2007-12-14. 
  13. ^ "Markit to buy SwapsWire". Finextra.com. 2007-12-04. http://www.finextra.com/fullstory.asp?id=17820. Retrieved 2007-12-14. 
  14. ^ "Markit Completes Acquisition of SwapsWire". BobsGuide. 2008-05-27. http://www.bobsguide.com/guide/news/2008/May/27/Markit_Completes_Acquisition_of_SwapsWire.html. Retrieved 2008-07-07. 
  15. ^ "Markit buys Boat". Finextra.com. 2008-01-22. http://www.finextra.com/fullstory.asp?id=17973. Retrieved 2008-02-04. 
  16. ^ "Markit acquires NTC Economics". Bobsguide. 2008-04-10. http://www.bobsguide.com/guide/news/2008/Apr/10/MARKIT_ACQUIRES_NTC_ECONOMICS.html. Retrieved 2009-10-30. 
  17. ^ Dave Valiante (2008-07-28). "JPMorgan’s FCS Corporation Acquired By Markit". Wall Street & Technology. http://www.wallstreetandtech.com/operations/showArticle.jhtml?articleID=209602186. Retrieved 2008-09-21. 
  18. ^ "Markit Completes Acquisition of FCS from J.P. Morgan". Bobsguide. 2008-09-04. http://www.bobsguide.com/guide/news/2008/Sep/4/Markit_Completes_Acquisition_of_FCS_from_J.P._Morgan.html. Retrieved 2008-09-21. 
  19. ^ "Markit and DTCC launch OTC derivatives trade processing JV". FinExtra.com. 2009-09-01. http://www.finextra.com/fullpr.asp?id=29316. Retrieved 2009-10-30. 
  20. ^ Michael Aneiro (2009-10-30). "Markit To Acquire Electronic Loan-Trading Platform ClearPar". The Wall Street Journal. http://online.wsj.com/article/BT-CO-20091030-713564.html. Retrieved 2009-10-30. [dead link]
  21. ^ "Financial Data Visualizer WSOD Acquired By Markit". paidcontent.co.uk. 2010-06-09. http://paidcontent.co.uk/article/419-financial-data-visualizer-wsod-acquired-by-markit/. Retrieved 2010-07-19. 
  22. ^ "Markit Completes Acquisition of Wall Street On Demand". Markit. 2010-07-08. http://www.markit.com/en/media-centre/press-releases/detail.page?dcr=/markit/PressRelease/data/2010/07/08. Retrieved 2010-07-19. 
  23. ^ "Markit Acquires Risk Analytics Firm". Markit. 2011-01-12. http://www.markit.com/en/media-centre/press-releases/detail.page?dcr=/markit/PressRelease/data/2011/January-11/12. Retrieved 2011-02-21. 

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