Markit Signs Up Spanish Grupo BBVA

Markit has secured Spanish Grupo BBVA as a client for its Markit Red database of reference entity names and codes for credit default swaps. Juan Fernandez Blasco, head of trading at Grupo BBVA, says, “The need for precise reference entity data in the CDS market led us to sign a contract with Red… It will enhance our trading and operational capabilities going forward.” Markit claims its database has increased the efficiency of matching, confirmation and settlement infrastructure at client firms by diminishing legal and operational risks and reducing transactional costs.