Markit unveils CDS of ABS spread valuations

Data provider Markit has begun a daily service providing fair-value spreads for credit default swaps referenced to certain asset-backed securities in North America.

The firm says the first daily fair-value CDS of ABS spread facility will provide independent spreads for research, mark-to-market and valuation purposes. It adds that the service will aid clients in meeting mark-to-market accounting requirements under FAS 157.

Markit receives daily feeds on CDS of ABS from 10 market-makers' books,

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