Markit Group Buys Amsterdam-Based MarketXS Data Technology Firm

The increasingly acquisition-hungry Markit Group, the London-based provider of portfolio valuations and trade processing for the OTC derivative markets, has acquired MarketXS Holding N.V. in Amsterdam
By None

The increasingly acquisition-hungry Markit Group, the London-based provider of portfolio valuations and trade processing for the OTC derivative markets, has acquired MarketXS Holding N.V. in Amsterdam. MarketXS provides software and other technology for data distribution.

Markit says the combination of the two firms will provide clients with an improved ability to monitor markets in real-time; to publish and distribute proprietary and public prices and trade information across all asset classes. It will also address the requirements of the European Markets in Financial Instruments Directive (MiFID).

The combined company will be known as Markit Group Limited and will have over 300 employees with offices in London, Amsterdam, Brussels, Chicago, Luxembourg, New York, Singapore, Tokyo, Toronto and White Plains.

Markit provides data and valuations for the financial and commodity derivative markets, plus trade processing services spanning both plain vanilla and exotic OTC derivative instruments. Markit receives daily data contributions from over 65 dealing firms, and its services are used by over 450 institutions.

MarketXS delivers integrated market data to over 400 customers in more than 30 countries. The company’s market data and order routing technology, the Finance Engine, has capabilities in the areas of pre-trade price transparency, analytics, trading, and post-trade reporting.

“The acquisition of MarketXS creates a powerful combination that will allow Markit to create exciting new products,” says Lance Uggla, CEO of Markit. “MarketXS’s proven technology complements Markit’s proprietary data to deliver pricing and valuations seamlessly across all asset classes. The strong synergy between the two companies allows us to meet the increasing demand for real-time information and to address the data requirements relating to MiFID.”

Jan De Roeck, CEO of MarketXS, who will join Markit’s executive management, says the marriage of MarketXS technology with Markit’s data “will be of tremendous benefit to our clients who will gain access to a superior product offering, supported by a global pool of resources. Traders, institutional investors and operations professionals will be able to access the highest quality market data in the format that suits them best – be it terminal, portal, secure messaging, data feed or API.”

Charles Longden, Global Head of Credit Trading at ABN AMRO, is a client of both firms. “We welcome this combination of complementary services which will help us evolve further the class-leading service we provide to our clients,” he says. “Not only will the acquisition enhance Markit’s ability to serve the dealer community as our requirements develop, but it will also give institutional investors a new channel through which to access data, accelerating the evolution of the financial markets.”

Cor Breur, Global Head of Market Data Competence at Fortis,also welcomed the deal. Fortis is a customer of both Markit and MarketXS as well.

«