Mark-it signs up 16 credit derivatives houses

UK credit data company Mark-it Partners said today that it has signed up 16 of the largest credit derivatives houses to use its credit reference entity database, Red.

The 16 banks, including JP Morgan Chase, Citigroup and Deutsche, have agreed to use the reference entity database for a minimum of three years.

Red confirms a reference entity’s legal name and its relationship in a pair to a reference obligation. It helps eliminate legal uncertainty in credit derivatives contracts, and should help banks avoid the monetary and reputational damage suffered in the event of high-profile disputes.

The database contains 1,000 reference entities, and Mark-it plans to double this figure by the end of the year.

Mark-it Partners expects to sign-up several buy-side companies to use the service within the next fortnight, Mark-it Partners chief operating officer Kevin Gould told RiskNews.

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