Mark-it signs up 16 credit derivatives houses

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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