June 2003
Seeing through the credit market fog
When Kevin Gould was head of European fixed income at TD
Securities, he would look around for daily market-wide data on
credit prices. None existed. So he and a few colleagues left the
bank to set up a company to produce it.
The result was Mark-it Partners, which finally went live in
February this year. In May the bank signed up UBS Warburg as its
twelfth equity partner and Cheyne Capital Management as its first
buy-side customer.
The system is a credit data exchange. Every night market makers
contribute data for every cash security and credit default swap
curve they close; in return they can access data from the entire
pool. For each security, pooled data is used to generate a daily
composite security price and spread.
The market...
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