London – Markit Group Limited (“Markit”), the leading industry source for independent mark-to-market pricing, asset valuations, dividend forecasting and index services, is pleased to announce it has won Institutional Investor’s Operations Management Dream Team Award for ‘Vendor of the Year’ for Markit RED.
The results were announced at the Fourth Annual Dream Team Awards ceremony in New York yesterday evening. Runners-up for the award were BISYS Fund Services, DST Systems and SunGard Reech.
Markit RED (Reference Entity Database) is the industry standard for reference entity and reference obligation identifiers used throughout the credit default swap (CDS) markets, including on-line trading, standard documentation and trade settlement.
RED is widely acknowledged to have significantly increased the efficiency of the matching, confirmation and settlement infrastructure at client firms by diminishing legal and operational risks. RED’s position has been further strengthened by the Depository Trust & Clearing Corporation’s requirement that all broker/dealers on its matching and confirmation service, Deriv/SERV, use RED nine-digit reference codes for matching purposes.
Penny Davenport, Director, Product Management at Markit said: “In light of regulatory concerns over the operational environment in the global CDS markets, we are seeing ever-increasing uptake of RED by both buyside and sellside firms seeking to improve and strengthen their operational processes.”
“RED has become an invaluable tool for front and back office alike, enhancing the transparency and liquidity of the credit derivatives market. The reduction of operational risk that results from using RED will be a great help to market participants when tackling some of the regulatory hurdles that lie ahead,” said Wendy Bannerman-Clark, Global Head, Business Execution and Support Team at UBS.
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