Supported by over 100 international financial institutions, the combined company will collect, audit, map and distribute market valuations on corporate bonds, credit default swaps and syndicated bank loans on a daily basis. By allowing customers to compare related pricing information, this unique service will increase credit market transparency and liquidity as well as provide a more precise risk management tool.
Lance Uggla, Mark-it Partners CEO and Founder, commented, "This acquisition will allow Mark-it to provide a broader, customised, more integrated service, thus responding to the growing needs of investors in the burgeoning credit and loan markets. Mark-it has long admired LoanX for its comprehensive coverage, skills and excellence in the loans space. Its local U.S. offices and extensive customer base will enhance our global footprint and expand Mark-it’s ability to meet the needs of credit market investors internationally."
Michael Rushmore, LoanX CEO, commented, "Mark-It Partners and LoanX share an intense commitment to supporting these markets and a vision for technology-rich, intuitive systems that are powered by superior data. We are delighted with this business combination and look forward to marrying the products and expertise within these two companies to fully address the needs of the loan and credit markets."
The combined firm will capitalise on the opportunity to deliver new value to the credit market, through:
Increased credit market transparency. As the single source of diverse credit pricing, Mark-it will deliver prices of syndicated loans, bonds and convertibles with precise data mapping that will allow portfolio managers to see relative value relationships across asset classes, to measure risk properly and to improve trade execution.
Reduced cost of credit data services. Firms that manage diverse credit risk portfolios currently use multiple unrelated sources of credit pricing, which makes comparative evaluations across issuers or organisers difficult. Mark-it will offer a single, comprehensive, credit pricing source that will also enable risk managers to customise and integrate their credit data from a single technology driven vendor, thereby reducing the cost of the credit pricing process.
Increased organisational scale and service level. By combining the financial, intellectual, technological and data resources of two businesses that are thriving in the credit data area, Mark-it will deliver an even higher level of client support. Mark-it will serve clients from offices in New York, London and Chicago as the Company continues to make the required investments that power the continuous development of superior credit data services.