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Opinion

Markit heats up

Online information provider is proving to be a big hit

"It has been one year since we had the vision of taking our data and putting a new front end on it," says Lance Uggla, CEO of Markit.

Markit is already a key industry source for accurate consensus pricing and essential for independent price verification, risk modelling and valuations. It provides CDS pricing on more than 2,700 credits and its prices are the global benchmark. On top of this it has an extensive database on bonds, which is sourced from more than 30 banks on 10,000 asset-swapped instruments from a universe of 40,000 cash securities. It also has RED (Referenced Entity Database), the industry standard for reference entity names, reference obligations and codes used throughout the CDS market.

Now teaming up with Dow Jones, Moreover, Interactive Data, Credit Sights KDP and S&P LCD, Markit Portal is offering Markit's proprietary pricing across CDS, bonds, loans and indices and combining it with news and independent research.

"We wanted to leverage our data set. This is aimed at the usual cast of actors in the market," says Uggla. Asset managers, hedge funds, corporate financiers, private bankers, salesmen, traders and researchers are the target. Uggla argues that Markit Portal is not a replacement for Bloomberg, Reuters and Thomson but a low-cost web-delivered tool that transforms the delivery and organization of all data, news and research.

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