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Markit Signs Multi-Year Contract Renewal and Service Expansion with XSP to Streamline Corporate Actions Processing

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XSP, the global leader in end-to-end Corporate Actions automation, announced today that Markit, a leading, global financial information services company, has signed up for XSP’s new Headline Indices functionality. Markit uses the XSP v5 platform to supply buy- and sell-side firms with daily calculations for its various index services. The addition of XSP’s Headline Indices functionality will allow Markit to optimise its clients’ portfolios of securities throughout their lifecycle via the existing XSP v5 workflow.

Paul Grimes, Managing Director at Markit, said, “XSP enables us to streamline some of our more complex processes and make our operations more scalable. The extension of our agreement strengthens our relationship with XSP and provides a basis for future product enhancements.”

“We are thrilled that Markit has extended their contract,” stated Neil Sheppard, Managing Director and Chief Operating Officer, EMEA at XSP. “This renewal demonstrates the emphasis XSP puts on continuously delivering the highest level of customer service. Markit has expanded their ever-increasing usage of the XSP v5 platform by licensing the Headline Indices functionality. This will allow the core data team based in London to prioritise and filter their workload more effectively enhancing the level of service they provide internally to their index management business groups. The downstream benefit to the index management business groups will be the ease with which they will be able to interrogate their own bespoke universe of securities.”

The XSP v5 platform is XSP’s state-of-the-art solution developed to automate each step in the processing of global Corporate Actions. A Microsoft Gold Certified Partner, XSP re-engineered its platform using advanced Microsoft technologies. The XSP v5 platform is built around a Service-Oriented Architecture (SOA), utilising Microsoft .NET components and Windows Communication Foundation (WCF) and Web Services for global enterprise-wide processing. Accredited with the SWIFTReady label, the XSP v5 platform is SWIFT 15022 compliant and combines cutting-edge technology with feature-rich functionality to mitigate operational risks and costs for end-to-end straight-through processing (STP).

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