ICICI signs up to Markit for CDS price data
ICICI Bank, India’s second largest bank with assets of more than $79 billion, has signed up to Markit’s credit default swap (CDS) pricing service.
“Markit’s CDS pricing is unparalleled and will provide ICICI Bank with critical independent price verification of our trading books across the 500 credits that we track,” said Singapore-based Suvek Nambiar, senior general manager and head of Asia at ICICI.
Markit will now target more Indian banks to use its services now that the Reserve Bank of India, the country’s central bank, has issued guidelines for the trading of CDS in the world’s largest democracy.
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