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.
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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