Markit, the leading provider of independent data, portfolio valuations and OTC derivatives trade processing, today announced that it has opened an office in Sydney. This is Markit’s first office in Australia and its third office in the Asia Pacific region.
David Crammond, Chief Executive Officer of Markit Asia, said: “The Asia Pacific region is key to our expansion plans, and we are seeing a surge in demand for our pricing and valuation services in the area. Financial regulators around the world are very much focused on the need for accurate, independent valuations, and this focus has sharpened with the credit crisis. A presence in Australia will enable Markit to capitalise on this demand and will allow us to be closer to our clients in the region.”
Markit provides sell-side and buy-side firms with critical valuation services. Markit’s Totem service provides the major market makers in over-the-counter derivatives with a rigorous independent check for their trading book valuations. The service covers vanilla and exotic instruments in the equity, interest rate, currency, commodity, structured credit and bond markets.
Markit’s Portfolio Valuations service draws from a unique, proprietary dataset to provide buyside firms with an independent post-trade calculation of the gross asset value of a portfolio of trades. The service enables clients to establish a fund’s Net Asset Value.
Euan Johns, Director, will lead Markit’s Australian operations. Johns previously worked on the Totem service in London for five years and will now focus on the Totem Interest Rate Swap service for the Asia Pacific region. He is joined by Ross Allen who will be responsible for the Totem Equities service for the region, and Andrew King who will head marketing and local support for current and new clients. Both Allen and King have also relocated from Markit’s London headquarters.
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