Financial information services company Markit has acquired the assets of Global Corporate Actions Validation Service (GCA Validation Service), a corporate actions data provider, from the Depository Trust & Clearing Corporation (DTCC).
The acquisition expands Markit’s reference data offering and the company’s ability to provide managed services to the global financial markets and comes on the heels of Markit’s acquisition of DTCC’s ownership stake in MarkitSERV, which made Markit the sole owner of the electronic trade processing service for OTC derivatives.
Kevin Gould, president of Markit, said: “Acquiring DTCC’s Global Corporate Actions service will allow us to address customer demand for an outsourced service for the critical task of managing and validating corporate actions. The industry is focused on creating operational efficiencies, reducing risk and lowering fixed costs. The GCA Validation Service and its team of experienced professionals uniquely positions Markit to meet our customer needs.”
As part of Markit, the GCA Validation Service will continue to benefit from DTCC’s GCA @Source, the authoritative source of corporate actions data for North America. IDC and Six Financial Information, long-time providers to the GCA Validation Service, will also continue to be data suppliers. Markit will add further data sources, such as Euroclear Bank’s corporate actions data for Eurobonds, to the GCA database.
Markit Acquires GCA Data Provider From DTCC
Financial information services company Markit has acquired the assets of Global Corporate Actions Validation Service (GCA Validation Service), a corporate actions data provider, from the Depository Trust & Clearing Corporation (DTCC).