Markit Completes Acquisition of FCS from J.P. Morgan
4 September 2008
Markit, a financial information services company, today announced that it has completed the acquisition of FCS Corporation from J.P. Morgan.
The acquisition of FCS, the leading provider of syndicated loan market portfolio and risk management software and services, including the Wall Street Office family of products, will enable Markit to continue to develop new solutions to improve operational efficiency and transparency in the loan markets.
Markit offers the most comprehensive loan data in the marketplace through its Markit Loans service which delivers daily global syndicated loan pricing on more than 6,700 loans together with real-time analytical tools.
Mark Murray, formerly President of FCS, has been appointed Executive Vice President at Markit. The FCS business will continue to be headquartered in Dallas, Texas and will be integrated within Markit by year-end.
Lance Uggla, Chief Executive Officer of Markit, said: “Markit’s acquisition of FCS brings together two highly complementary data and software services which will allow us to offer our clients critical infrastructure to support their activities in the loan market. The integration of our two teams is already under way and will lead to new solutions to improve market transparency and operational efficiency.”
Mark Murray, Executive Vice President at Markit, said: “We are very excited to be part of Markit, a fast-growing, entrepreneurial firm. The combination of our two companies will give our clients greater insight into the loan markets alongside straight-through-processing capabilities, all on a single platform.”
The combined companies comprise more than 350 loan market specialists with over 1,000 financial institutions as clients.