Markit, the pricing service for credit derivative, cash and loan instruments, has opened an office in Times Square Tower in New York City.
Kevin Gould, Executive Vice President, will run the New York office and will be responsible for business development and sales in North America. Joining Gould are eight people with industry experience ranging from 5 to 20 years, enabling the UK-based company to serve its growing North American client base and capitalize on opportunities in the rapidly expanding US OTC markets.
“We have created a unique business with considerable market reach and a high level of client service,” says Gould. “These are exciting times for us and the opening of the New York office is consistent with our goal to ensure Markit is universally recognised as the leading provider of definitive market data and associated services across all asset classes.”
Markit works with over 250 banks and hedge funds, where there is an increasing focus on independent sources of data for valuation.
Andrew Feldstein, who runs Blue Mountain Credit Alternatives, a $2.5bn credit hedge fund based in New York, comments: “As a user of Markit’s services, it is clear they lead the market in providing daily credit derivative price information for valuation and risk management purposes. They have a great opportunity to expand their platform and increase their reach across products, curves and credits. We look forward to working with them even more closely when they open their New York office.”