BISYS Alternative Investment Services (BISYS) has entered into an agreement for the pricing of complex over-the-counter (OTC) derivatives with Markit Group Limited.
Markit provides portfolio valuations and OTC derivative trade processing in the financial and commodities markets.
The integration of Markit Portfolio Valuations and the BISYS platform enlarges a relationship between the two companies that goes back to 2004, when BISYS contracted with Markit to strengthen its capabilities in the area of credit pricing. Under the original agreement, Markit provided Credit Default Swap (CDS) composite and contributor level data to BISYS allowing its Global Data Services team to model and value CDS positions. BISYS was the first administrator to receive Markit’s comprehensive data.
The BISYS Global Data Services team, based in Dublin, includes mathematicians and quantitative analysts specializing in the valuation of complex OTC derivative instruments. This group uses data vendors and analytics applications.
“The combination of our Global Data Services team and Markit’s valuations service offers a tremendous benefit to our clients that allows us to provide fully independent valuations for their complex pricing requirements,” says Hugh Hanna, head of Global Data Services at BISYS. “Markit is the industry benchmark for data and valuations in the credit and OTC derivatives market, and we look forward to working closely with them as we continue to support our client needs.”
Tim Barker, executive vice president and head of valuations at Markit, says the firm has a lot of clients in common with BISYS.