Markit keeps on turning up the numbers
Last month Euromoney wrote about how the valuations service sector was heating up. Financial data provider Markit subsequently announced a new multi-dealer valuations platform. Chief executive Lance Uggla explains to Alex Chambers how the firm is broadening its offerings from credit to OTC equities.
A beacon in the valuations storm?
WHAT’S IN A name? When the name Markit is brought up in discussion with a market participant one is still often met with the question: "Do you mean Mark-it Partners?" This shouldn’t dismay the proponents of the firm’s rebranding exercise, which took place in early 2004, because under its new or old title Markit is firmly engrained in most people’s minds.
The original name of this firm offers some insight into the driving force behind it and the strategy used to create one of the most dynamic financial services information companies. There are remarkably few firms in financial services that can boast that the majority of their workers have substantive stakes. Markit Group is valued at $2 billion and is a modern-day partnership for employees and for other key stakeholders in the firm – the investment banks whose data is used so effectively.
"I see Markit as an information exchange. We don’t have to be like a traditional exchange to meet our strategy"
"Every year we obtain an independent valuation of Markit and we offer to buy back employee stock.