Markit integrates Portfolio Valuation services into CloudMargin’s platform
Markit (Nasdaq: MRKT), a leading global provider of financial information services, and CloudMargin, the provider of the world’s first cloud-based collateral management system, today announced that Markit’s Portfolio Valuations services will be available through CloudMargin’s software platform.
Upcoming requirements on initial and variation margin within the BCBS IOSCO framework, set to be implemented globally from September 2016, will significantly impact margin calculation and workflow processes. One of the key industry challenges is achieving consistency in valuations used for P&L generation and margin calculation for collateral exchange. Another industry focus is ensuring seamless connectivity and workflow across valuation and collateral management systems. The integration between Markit’s Portfolio Valuations capabilities and CloudMargin is a significant step to help companies overcome these hurdles.
Nosheen Amir-Ebrahimi, managing director of Portfolio Valuations, Markit, said: “The integration of our valuations service into CloudMargin’s platform provides a seamless valuations and collateral management solution, bringing operational efficiency, transparency and accuracy to our customers. CloudMargin users will gain access to Markit’s Portfolio Valuations services, while our customers will be able to use CloudMargin’s platform to manage their collateral workflow activities.”
Steven Husk, executive chairman of the board, CloudMargin, said: “We are delighted to enhance the CloudMargin offering with Markit’s best-in-class valuations service. In a rapidly changing regulatory landscape, the combination of CloudMargin’s solution and Markit’s portfolio services, places us in a unique position to support our clients’ end-to-end collateral management requirements and deliver real competitive advantage across all cleared and uncleared transactions”.
“The partnership between Markit and CloudMargin is a valuable collaboration between two important solutions in the valuation and collateral management spaces,” said Mark Beeston, founder and managing partner of Illuminate Financial Management, a fintech venture capital firm. “It also demonstrates the strength of the Illuminate model in connecting portfolio companies like CloudMargin to industry leaders like Markit to benefit the industry.”
Illuminate Financial Management invested in CloudMargin in February 2015 and Markit became a strategic investor in the Illuminate Fintech Opportunities Fund in October 2015.
CloudMargin is the world’s first cloud-based collateral and margin management hub. It was formed in January 2014 by a group of professionals with several decades of combined experience within collateral management, OTC derivatives, technology and capital markets. They were driven by the belief that, for all but the very largest dealers, existing collateral management solutions took far too long to implement, were extremely dated in terms of functionality, were in no way ‘user-friendly’ and were far too expensive They developed CloudMargin specifically to address these issues, and by doing so achieve their main aim of bringing robust collateral and risk management to all market participants irrespective of their size and sophistication.
There is no other solution available today that addresses the current and future challenges of collateral management like CloudMargin - for more information, please see www.cloudmargin.com
About Illuminate Financial Management LLP
Illuminate Financial Management LLP was founded in 2014 as a London-based venture capital firm with global mandate, exclusively focused on financial technology that benefits capital markets participants. Illuminate’s first fund is established to capitalise on fintech investment opportunities driven by the significant change in the business and regulatory environments in which financial institutions operate. The fund brings together investors, entrepreneurs and financial institutions by investing in and fostering the adoption of new technologies that address those critical business needs. Through the application of our domain knowledge and the connection of entrepreneurs and their companies to our extensive industry networks, we aim to drive successful outcomes for our portfolio companies and all our stakeholders.http://illuminatefinancial.com.