The results were announced at an awards ceremony in London last night to celebrate Financial Newsâ Awards for Excellence in I.T. â Europe 2006.
Markit picked up the Best Derivatives Data Solution for the second year running, an award which recognises the excellence of the firmâs benchmark credit data; its leading price verification service for exotic derivative instruments, the Totem Service; and its European asset-backed securities (ABS) pricing service, which was the first independent service to bring price discovery to the secondary ABS markets.
Markitâs Portfolio Valuations service was singled out as the Best New Vendor Solution. The service combines Markitâs award-winning and exclusive data with leading technology to provide authoritative valuations across the complete spectrum of over-the-counter derivatives. It addresses the requirements of regulators, auditors and investors for improved accuracy and independence in fund valuations.
The awards are judged by editorial staff and a panel of industry experts, and recognise excellence in technology operations.
Kevin Gould, Executive Vice President and Head of Data Products and Analytics at Markit, said: âWe are extremely pleased to have won the Financial News best derivatives data provider award for the second year running, fending off competition from some industry heavy-weights. Cementing our position as the leading OTC derivatives data provider has always been our goal, and we will continue to strive to provide our clients with the very best tools with which to manage their trading positions and associated risks.â
Tim Barker, Executive Vice President and Head of Valuations at Markit, commented: âThe importance of independent valuations cannot be over-emphasised at this critical time in the development of hedge fund markets. Markitâs innovative technology and ability to refer to data collected daily from over 70 of the top financial institutions, sets our Portfolio Valuations service apart from alternative services. We are pleased with the success of the service and the recognition it has achieved.â
Markitâs products and services are used by over 600 institutions to enhance trading operations, reduce risk and manage compliance.