11 July 2007

London and Mumbai - Markit, the leading provider of independent data, portfolio valuations and OTC derivatives trade processing to the global financial markets, today announced that ICICI Bank, India's second largest bank with assets of over USD 79 billion, has subscribed to its Credit Default Swap (CDS) pricing service.

Under the terms of this agreement, ICICI Bank will receive Markit’s daily CDS pricing to assist in the bank’s management of credit risk, particularly in the complex arena of structured credit. Markit provides mark-to-market CDS pricing on around 3,300 CDS entity-tiers of debt drawn from daily price contributions from 85 dealing firms.

Suvek Nambiar, Senior General Manager at ICICI Bank, said: “Markit’s CDS pricing is unparalleled and will provide ICICI Bank with critical independent price verification of our trading books across the 500 credits that we track. The transparency and accuracy of Markit’s CDS prices will enhance our ability to monitor and value our positions better.”

David Crammond, Managing Director of Markit Asia, commented: “We are delighted to have ICICI Bank as our first client in India, a bank that has led the way by embracing best practice and adopting the industry standard in CDS mark-to-market. Now that India’s Central Bank has released draft guidelines for the trading of CDS, we expect to see increased demand for our services over the coming months.”

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