Markit, a leading global diversified provider of financial information services, has won Sell-Side Technology Provider of the Year and Best Sell-Side Newcomer in the annual Sell-Side Technology Awards presented by Waters magazine. Waters covers innovation and best practice in financial industry technology.
The Sell-Side Technology Provider of the Year recognises Markit’s technology and services that help make markets more transparent and enable firms to reduce risk and improve operational efficiency. Technology solutions announced by Markit in the last year include Credit Centre, a centralised service for pre trade credit checking for OTC derivatives; and Collaboration Services, a network for messaging and communication in the financial industry.
Markit won Best Sell-Side Newcomer, which recognises innovative new services for sellside institutions, for its Analytics solution and the delivery of integrated resource management (IRM), which helps banks to dynamically manage their balance sheet resources and optimise trading decisions prior to executing OTC derivative transactions.
IRM calculates initial margin, risk weighted assets and credit value adjustments in multiple scenarios so that trades can be structured to make the most efficient use of capital and funding. These scenario calculations are powered by Markit’s risk calculation engine, a high speed, scalable framework that runs throughout Markit Analytics.
Victor Anderson, editor in chief of Waters, said: "The Waters journalists agreed that Markit was the logical recipient of the Technology Provider of the Year award for 2014, based on its broad and versatile technology stable, its ability to court and acquire interesting players in financial technology and the consistency of its client roster, not only on the sellside, but on the buyside too. This win makes Markit the only firm to have won this prestigious category at both the Buy-Side Technology and Sell-Side Technology Awards."
Brad Levy, managing director and global head of Processing at Markit, said: “In recent years, the scale of legacy technologies and the financial crisis slowed the financial industry’s traditionally quick embrace of new technology. We are helping customers reaccelerate the process of technology evolution and are working with them to optimise the way they manage data, integrate operations and make decisions across the front, middle and back offices. We are delighted to have our work recognised with these prestigious Sell-Side Technology awards.”