Mark-it Partners, the credit derivative pricing information company, has bought LoanX Inc, a US provider of syndicated loan data. Mark-It says the integration of the two companies’ products and expertise will provide market participants with pricing across multiple asset classes through one delivery channel.
Supported by over 100 banks, the merged companies will collect, audit, map and distribute market valuations on corporate bonds, credit default swaps and syndicated bank loans on a daily basis. “This acquisition will allow Mark-it to provide a broader, customised, more integrated service, thus responding to the growing needs of investors in the burgeoning credit and loan markets,” says Lance Uggla, Mark-it Partners CEO and Founder. “Mark-it has long admired LoanX for its comprehensive coverage, skills and excellence in the loans space. Its local U.S. offices and extensive customer base will enhance our global footprint and expand Mark-it’s ability to meet the needs of credit market investors internationally.”
Mark-it will deliver prices of syndicated loans, bonds and convertibles with data mapping that allows portfolio managers to see relative value relationships across asset classes, to measure risk and to improve trade execution. Mark-It says that firms which manage diverse credit risk portfolios currently use multiple unrelated sources of credit pricing, which makes comparative evaluations across issuers or organisers difficult. By offering a single, comprehensive, credit pricing source that also enable s risk managers to customise and integrate their credit data from a single technology driven vendor, the cost of credit pricing ought to fall.
“Mark-It Partners and LoanX share an intense commitment to supporting these markets and a vision for technology-rich, intuitive systems that are powered by superior data,” says Michael Rushmore, LoanX CEO. “We are delighted with this business combination and look forward to marrying the products and expertise within these two companies to fully address the needs of the loan and credit markets.”
Mark-it will serve clients from offices in New York, London and Chicago .