Markit (Nasdaq: MRKT), a specialist in financial information services, has announced its latest partnership, this time with CloudMargin, a provider of cloud-based collateral management systems, which will see the integration of Markit’s Portfolio Valuations services, according to a Markit statement.
The new accord will see the support of Markit’s Portfolio Valuations services across the totality of CloudMargin’s software platform. The assimilation of Markit’s technology was done ahead of a global implementation of upcoming regulatory requirements and variation margin as outlined by the BCBS IOSCO framework, which is slated to take effect September 2016.
The primary impetus behind the utilization of Markit’s service by CloudMargin was the streamlining of its connectivity and workflow across valuation and collateral management systems. This is often a challenge given the difficulties in achieving consistency across valuations used for P&L generation and margin calculation for collateral exchange.
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According to Nosheen Amir-Ebrahimi, Managing Director of Portfolio Valuations, Markit, in a recent statement on the integration: “The integration of our valuations service into CloudMargin’s platform provides a seamless valuations and collateral management solution, bringing operational efficiency, transparency and accuracy to our customers. “
“CloudMargin users will gain access to Markit’s Portfolio Valuations services, while our customers will be able to use CloudMargin’s platform to manage their collateral workflow activities,” he added.
“The partnership between Markit and CloudMargin is a valuable collaboration between two important solutions in the valuation and collateral management spaces. It also demonstrates the strength of the Illuminate model in connecting portfolio companies like CloudMargin to industry leaders like Markit to benefit the industry,” added Mark Beeston, founder and managing partner of Illuminate Financial Management, a fintech venture capital firm, in an accompanying statement.
Markit recently made headlines after it acquired JPMorgan’s systems integration software and syndicated loan technology last month. The acquired software technology from JPMorgan was designed to help streamline third party connectivity issues for market participants, thereby shortening loan settlement timeframes. Furthermore, the systems integration will also aim to facilitate straight through processing (STP) of loan transactions.