Thirteen Banks Make Stategic Investments in Mark-it Partners
Mark-it Partners ("Mark-it") today announced that nine additional financial institutions have made equity investments in the Company, bringing to thirteen the total number of firms that have committed both capital and data to the business. Since the Company's launch in February 2003, Mark-it has become the leading provider of independent credit derivative and syndicated loan pricing, and reference entity data.
With this round of financing, the world's leading financial institutions have cast a vote of confidence for Mark-it and its growing suite of credit transparency services. Every institution that participated in the formation of the service through a data commitment has now exercised their option to make a strategic equity investment in the Company.
Mark-it is now working with over 100 international financial institutions as the firm audits, maps and distributes market valuations on corporate bonds, credit default swaps and syndicated bank loans on a daily basis. The service delivers an integrated credit pricing solution that allows credit risk portfolio managers to sharply reduce the cost and complexity of the mark-to-market process.
Lance Uggla, CEO of Mark-it Partners, said: "The decision by 13 of the world's largest global credit trading institutions to invest and power the continuing development of Mark-it validates the strength of our business model and its success in creating new benchmarks in credit pricing."
"Our acquisition of LoanX, the leading provider of syndicated loan pricing globally, emphasises our ongoing commitment to become the de facto global provider of credit pricing data for all credit instruments through one technology platform. This additional financial investment by our strategic partners provides us with a strong capital base to finance additional investments that will create a more liquid and transparent credit market."
Mr Uggla continued:" We are focussed on our customers and their developing needs and will continue to add to, and improve, our product in a manner that delivers an integrated solution via a lower cost platform."