Mark-it Partners, the company founded in February to provide independent pricing of credit derivatives and cash credit instruments, has hired Sandeep Dhingra as a data analyst.
Dhingra previously worked in the Credit Risk Department at UBS Warburg, where he was responsible for developing and implementing a compliance strategy for the Basel Capital Accord. Dhingra, who brings extensive data maintenance and credit market experience to this role, has been recruited to help develop Mark-it’s expanding static database.
Working within the Mark-it analyst team, he will also be responsible for aspects of Project RED, the new Reference Entity/Reference Obligation database. This tool will provide market participants with the unique identifiers associated with the correct long legal names of reference entities trading in the credit default swap market and the information necessary to link reference entity/obligation pairs.
Mark-it Partners says that it continues to receive a very positive reception from the global financial industry and has recently signed data provision agreements with UBS Warburg, Primus and Cheyne. Dhingra is the fifth person to join Mark-it Partners, following four recent appointments to the sales, analyst and software development teams.
“Project RED will create consistency across the market by enabling institutions to establish the legal relationship between entities and facilitate efficient trade matching using a unique numbering system,” says Lance Uggla, CEO of Mark-it Partners. “Sandeep’s role will assist us in achieving this goal.”
Mark-it Partners contributing Partners include ABN Amro, Bank of America, Salomon Smith Barney, Credit Suisse First Boston, Deutsche Bank, Dresdner Kleinwort Wasserstein, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and TD Securities. These banks feed current and historical credit data into the Mark-it system on a daily basis, facilitating better decision-making and credit risk management within banks’ credit operations.