Asset Control says it has integrated credit prices and counterparty reference data from Markit have into its flagship product, AC CompanyMaster. The company says it will enhance the usefulness of AC CompanyMaster as a means of managing credit data for Basel II credit risk compliance and counterparty credit risk management.
The integration of Markit data into AC CompanyMaster is being implemented at various customer sites internationally.
“The cost of managing credit risk for maximum profitability, as well as complying with Basel II credit risk reporting requirements, can be significantly lowered by automation that gathers and maintains the credit data, while minimizing human intervention. By integrating Markit data into AC CompanyMaster, we now offer the quickest possible implementation of a robust credit data management platform,” says Ken Payne, director of sales and marketing at Asset Control. “Our customers requested integration of Markit data to support their credit data management, and we are pleased with the collaborative spirit at Markit that brought this work to a rapid conclusion.”
The data feeds are Markit RED and Markit Data. Markit RED is a global reference utility, which confirms long legal names on over 2,000 reference entities and the legal relationship between a reference obligation and its guarantor or issuer. Markit Data delivers daily composite mark-to-market prices and spreads gathered from over 40 contributing organizations for investment- and subinvestment-grade credit default swaps, cash securities and syndicated loans used by organizations globally within trading, risk management and product control roles.
“The rapid expansion of the credit markets requires quality data solutions, partnered with sophisticated data management platforms, and we are delighted to be working with Asset Control and our mutual customers to meet this need,” says Mark Hunt, director of product development at Markit. “The need to reduce settlement overheads in the trade process as well as customers’ risk needs are significant drivers for adoption of Markit’s Reference Entity Database (RED) and the underlying platforms to manage this data.”
AC CompanyMaster aims to gather, verify, and consolidate company data. In addition, it provides user access and manipulation of credit-related data, including issuer reference data, legal entity hierarchies, credit pricing data and credit ratings, both vendor-supplied and proprietary.