Markit Group Limited ("Markit"), the leading provider of independent data, portfolio valuations and OTC derivatives trade processing to the global financial markets, is pleased to announce it has won ‘Best Reference Data Provider of the Year’ and ‘Acquisition of the Year’ at the Inside Market Data Awards held in New York this week.
Markit’s award for ‘Best Reference Data Provider’ recognises the importance of Markit RED (Reference Entity Database), the industry-standard reference entity and reference obligation identifiers used throughout the credit default swap (CDS) market. RED is credited with bringing efficiency to the matching, confirmation and settlement processes at client firms. The service now boasts 200 clients and has extended its coverage into the loan CDS market with the introduction of RED Loans.
Markit’s acquisition of MarketXS in September 2006 was voted ‘Acquisition of the Year’. It has allowed Markit to provide its clients with an enhanced ability to monitor the global financial markets in real-time, and to publish and distribute prices and trade information across all asset classes.
Lance Uggla, Chief Executive Officer of Markit, said: “Since Markit was founded in 2001, our goal has been to bring greater efficiency to the global financial markets and we are extremely pleased that the feedback from our clients and the industry has been so positive. RED has become the market standard in the CDS markets, allowing market participants to engage in electronic trading and Straight-Through-Processing efficiently. The technology we acquired through MarketXS has enabled us to distribute both proprietary and public data to our clients in real-time, increasing liquidity and reducing risk in this fast-changing and exciting marketplace.”