UK market data vendor Markit Group is working with six Wall Street banks to launch a global, multi-bank, cross-asset client valuations platform. The Markit Valuations Manager platform will provide electronic delivery of daily OTC derivative and consensus cash valuations from Citi, Credit Suisse, Goldman Sachs, JPMorgan, Merrill Lynch and UBS alongside Markit’s own independent valuations.
The new system will also enhance the integrity of position information, counterparty marks and third-party valuations, says the vendor. The platform is expected to launch in the second half of 2008 with core coverage of bonds and derivatives. Markit says the system will subsequently be expanded in phases to include more banks and all major cash and derivative asset classes, including structured instruments such as asset-backed and mortgage-backed securities.
NYSE Euronext also recently launched a valuations services for asset management portfolios of complex and structured financial products.