Mark-it Partners, which offers a daily pricing service for credit derivatives and cash credit instruments, has lured Penny Davenport away from Lombard Risk Systems, where for the last two years she was the Managing Director of the Valuation Services Division with responsibility for managing the ValuSpread product and team.
A Mark-It, Davenport will be responsible for the integration and management of the reference entity database (Project RED). This will include all aspects of development, as well as pushing for industry adoption of Project RED as a standard for trade matching and settlement. The RED database aims to help financial institutions reduce the operational risk that arises from misunderstanding the relationship between reference entities and obligations. It also establishes benchmark entity names which are designed to help credit trading operations achieve greater operational efficiency, including improvements in trade confirmation times.
“Penny’s extensive experience in data services, collateral management, and business development within the credit industry will help Mark-it Partners achieve its near term and future objectives ,” says Lance Uggla, Chief Executive of Mark-it Partners . ” She joins at a very exciting time as we continue to build our business operations, extend our team of industry specialists and widen the gap over our competitors.”
Mark-it’s 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, TD Securities, UBS Warburg LLC. These banks feed current and historical credit data into the Mark-it system on a daily basis.