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Capital Markets

Markit's Valuations Manager: A beacon in the valuations storm?

Markit keeps on turning up the numbers

Jeff Gooch, Markit

"The banks were pumping more and more money into their valuations teams to provide prices to investors but their clients were not happy with the outcome"
Jeff Gooch, Markit

Markit continues to grow its portfolio of products and offerings. The latest is called Valuations Manager, which is slated as the first global, multi-bank, cross-asset client platform. Citi, Credit Suisse, Goldman Sachs, JPMorgan, Merrill Lynch and UBS are the first banks to have signed up, and will provide Markit with end-of-day and end-of-month client valuations for OTC derivatives and cash securities. Markit will aggregate this data and enable funds to access the composite dealer marks in addition to Markit’s independent valuations – all on a single platform. Valuing even the most simple, straightforward security has become a difficult business in the present turmoil. Just as ample liquidity was taken for granted by investors and fund managers, so were tight bid-offer spreads and narrow ranges between different dealers’ marks. Now that landscape has transformed; with liquidity scarce, prices, correspondingly, lack anything like the near unanimity that was prevalent before – especially in complex securities.

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