Mark-it Partners, a new company offering a daily service for pricing credit derivatives and cash credit instruments, has signed a global agreement with Barclays that covers both Barclays Capital and Barclays Global Investors (BGI). This is the first deal of its kind for Mark-it.
Barclays Capital, the investment banking division of Barclays Bank PLC, will supply its historical and current credit data to Mark-it Partners. In return, the bank will have access to Mark-it’s full range of services including daily mark-to-market data for their global credit default swaps (CDS) and cash bonds, CDS curve analytics, sector curve construction and the associated set of historical data.
“We are excited by the business prospects offered by this agreement. The value-added of the information made available through Mark-it Partners will assist us in a variety of ways,” claims Vince Balducci, Managing Director, Head of Global Credit Derivatives for Barclays Capital.
BGI, Barclay’s fund management division, will utilise the Mark-it system globally across various functions–including assisting portfolio managers with their investment decisions and providing independent daily valuation of their credit portfolios.
Justin Herlihy, Principal, Head of Fixed Income Product Development in London for BGI, said “We’ve anticipated the availability of independent daily credit pricing data for some time. Mark-It’s service will provide us with the additional market information necessary to better monitor our positions, manage our risk and support our operations.”
Lance Uggla, Chief Executive of Mark-it Partners comments, “The addition of Barclays Capital’s credit data will further enhance the depth of our data coverage. We look forward to working with Barclays and BGI and in continuing to consolidate our position as the definitive credit pricing service. “Mark-it’s assembly of partners includes the thirteen institutions listed below
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, JPMorgan Chase Bank, Lehman Brothers, Merrill Lynch, Morgan Stanley, TD Securities, UBS Warburg LLC. 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.