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Markit Wins Award for Industry Standard Documentation Management Service

Markit, a financial information services company, is pleased to announce that Markit Document Exchange, the market standard service for documentation management, has won “Compliance Project of the Year” at the 2009 Financial Sector Technology (FST) Awards.

Markit Document Exchange provides a secure platform for buy- and sell-side institutions to exchange, store and access regulatory and compliance documents. The service enables institutions to comply with regulatory requirements and industry best practice whilst operating more efficiently, reducing documentation risk and saving costs.

Launched in May 2008, Markit Document Exchange now has 100 buy-side and sell-side clients. The platform contains key documentation for KYC [1], AML [2] and credit processes for over 4,000 funds.

Penny Davenport, Managing Director and Head of Markit Document Exchange, said: “Financial institutions have grown increasingly concerned about the need to manage their documentation processes efficiently. We are delighted that our efforts to bring greater operational and cost efficiencies to the compliance process of financial institutions have been recognised with this award.”

The FST Awards recognise excellence and innovation in the field of information technology within the European financial sector. Among the judges were Barry Holland, former director of operations at Barclays Capital, and Peter Golden, the chairman of the British Computer Society’s Financial Services Specialist Group, who took into account the delivery of definable and significant business benefits, innovation and originality of application, when selecting Markit Document Exchange.