18 July 2005
MARKIT, DOW JONES INDEXES AND FTSE GROUP ANNOUNCE ICB AGREEMENT TO PROVIDE INDUSTRY CLASSIFICATION CODES FOR CREDIT MARKETS
London - Markit Group Limited ("Markit"), the leading industry source for independent mark-to-market pricing, asset valuations, dividend forecasting and index services, today announced it is to adopt the Industry Classification Benchmark (ICB), a joint product of Dow Jones Indexes and FTSE Group (FTSE). ICB will be implemented for use within Markit's entire range of entities, across all asset classes.
The ICB sector classifications are a four-tier hierarchical industry classification structure centred on a rules-based methodology for placing entities within sectors.
Markit will work closely with ICB to provide classifications for the entire universe of around 5,000 credit default swap reference entities and bond issuing entities, which will enhance ICB's existing coverage of approximately 40,000 equities. Markit will also incorporate the ICB sectors within its equity index feeds, which will be offered on a pass-through basis to end users.
Markit's Reference Entity Database (RED) already provides the industry standard reference entity names, reference obligations and codes used throughout the credit default swap markets. This partnership will ensure that each entity is further classified under ICB guidelines, providing a four-tier classification structure.
Tom McNerney, Managing Director and Head of Analytics at Markit said, "ICB's classification process provides a comprehensive structure which will enhance our customers' ability to build diverse and more accurate credit indices and portfolios. Our input will ensure that entities within the credit markets are correctly classified from an economic perspective."
James Cemprola, Managing Director of ICB said, "We are delighted to be working with Markit, who will now enable us to apply ICB classifications for the global credit markets. Our users will have the additional comfort of knowing that all the entities in our database match the underlying RED codes."
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