eClerx, headquartered in Mumbai, India, currently manages data and risk analysis projects for a number of leading investment banks, some of which involve reviewing large volumes of derivative confirmations to identify basis risk and potential trading opportunities. Under the new partnership, eClerx will have full and timely access to Mark-it Partnersâ data on a daily basis, allowing it to quickly, fully and accurately benchmark a firmâs position risk to Mark-itâs reference and market data. Under the alliance, eClerx will be able to identify legacy trades confirmed using incorrect reference entity or reference obligation information or those that have been booked to incorrect booking curves given implied risk.
Anjan Malik, Director of eClerx said, "This alliance allows us to deliver a richer set of risk analysis to our customers, more quickly and thoroughly than we are able to at present. Mark-it has become the reference and market data standard for the credit products markets, and our ability to benchmark a customerâs risk against Mark-itâs data in this fashion ultimately means dollars and cents for our customers."
Lance Uggla, CEO of Mark-it Partners, said, "In addition to the benefits which our clients have from using our credit curves and RED on a daily basis, an enormous amount of value accrues from a full and well thought through integration across an organisation. We have worked with eClerx to identify and refine these sweet spots and are delighted at the additional benefits that they can extract for our clients."
Daniel Rodrigues, COO of Credit Derivatives Trading at Bear Stearns said, "We use Mark-it Partners market and reference data in many different ways across our firm and also have a long-standing relationship with eClerx. There is no doubt that the combination of Mark-it's data and eClerx's services will bring very powerful benefits."