European Commission Selects Markit for its Fixed Income Solution

Markit's fixed income pricing data and liquidity metrics to help EC’s research.

Leading global provider of financial information services, Markit, listed on the Nasdaq under ticker MRKT, announced today that the European Commission (EC) has selected it for its fixed income pricing data and liquidity metrics for use by the EC’s research and policymaking activities, according to an official corporate statement.

As European financial market regulators such as the EC have a need to research and reconcile data across financial markets whether from information submitted to trade repositories or other market participant activities, one reason Markit was chosen could be its broad coverage which spans 2.5 million instruments including municipal bonds, corporate and sovereign bonds, securitised products, bank loans and CDS products.

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Either way, the deal seems like a key win for Markit as it aims to solidify its position in Europe, and may help set the stage for future collaboration with regulatory needs for data elsewhere.

In addition, the European Securities and Markets Authority (ESMA) is working on new proposals after the EC rejected its last work on transparency in fixed income trading, according to coverage by the FT. This may have helped fuel the need for data to be sought from a 3rd party.

 

Markit’s independent liquidity metrics offer a standardised approach to measuring liquidity in the financial markets.

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Kiet Tran Source: LinkedIn
Kiet Tran
Source: LinkedIn

EC eyeing fixed income data

Commenting on the announcement, Kiet Tran, managing director and head of Fixed Income Pricing Data at Markit, said in a statement: “Our industry-leading data will provide the European Commission with deeper context and insight for its fixed income market research and analysis. Markit’s independent liquidity metrics offer a standardised approach to measuring liquidity in the financial markets.”

Leveraging a team of over 100 fixed income experts, Markit’s fixed incomes pricing service technology solution includes flexible market quotes and transaction data aggregation to help ascertain pricing fixed income products.

Markit’s fixed income pricing solution provides transparency and independent pricing and liquidity data for related instruments to help support risk management, price verification, trading workflows and compliance, as described in the announcement.

The news follows Finance Magnates coverage of Markit hiring Frank Dos Santos to its Fixed Income division at the end of last month.

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