Lance Uggla, Chief Executive Officer of Markit, said: âThis is a strategic move for Markit as we continue to build our company around the creation and acquisition of financial market content. Up until now, we have focused our efforts on content that is quantitative in nature. The acquisition of NTC Economics is our first foray into content that lends itself to more qualitative analysis.â
Niall Cameron, Executive Vice President and Head of Equities and Indices at Markit, said: âWe are delighted to bring NTC on board, a company whose unique economic indices have become critical indicators of the economic climate. This acquisition will form the cornerstone of a new research initiative at Markit, and will allow us to reinforce our presence in the foreign exchange, interest rate and commodities markets.â
Mike Waterson, CEO of NTC Economics, said: âOur acquisition by Markit will ensure that the business weâve built over the past sixteen years will continue to flourish. NTCâs benchmark products and company culture fit neatly within Markit, and we are all very excited to be part of such a fast-growing and innovative company.â
NTCâs indices and surveys are the most authoritative indicators of business conditions. The PMI series has a user community of 200,000 people in 1,000 organisations including central banks that use the data to help decide economic, interest rate and foreign exchange policy.