Markit To Acquire Fitch CDS Pricing Service Unit

LONDON & NEW YORK–(BUSINESS WIRE)–Markit (Nasdaq:MRKT), a leading global provider of financial information services, today announced it has acquired the credit default swap (CDS) pricing service of Fitch Solutions. The transaction closed today. Financial terms were not disclosed.

“Fitch continues to strengthen and expand its information services business, and this agreement aligns with our strategic focus on delivering clients a world class platform for data, research, ratings and analytics.”

The acquisition reinforces Markit’s long-standing commitment to and leadership in the credit markets as a premier service provider. As part of the agreement, Fitch Solutions will integrate Markit CDS Pricing as a critical component of its risk analytics, implied ratings and other derived services. This will allow Fitch Solutions to use the best CDS data available in its services.

Gates Cap Management Reduces Risk After Rare Down Year

Gates Capital Management's ECF Value Funds have a fantastic track record. The funds (full-name Excess Cash Flow Value Funds), which invest in an event-driven equity and credit strategy Read More

Ed Chidsey, global head of pricing and reference data at Markit, said: “We’re excited to expand our capabilities as a leading service provider to the credit markets. Our agreement with Fitch is an essential part of this expansion and we look forward to working with Fitch and their clients.”

Brian Filanowski, Global Head of Product, Fitch Solutions, said: “Fitch continues to strengthen and expand its information services business, and this agreement aligns with our strategic focus on delivering clients a world class platform for data, research, ratings and analytics.”

Markit provides independent pricing of CDS single names, indices and tranches to support price discovery, risk management, compliance, research and valuations. Markit’s CDS pricing service is driven by contributed CDS data from market makers’ official books of record, live quotes and clearing submissions and results.

Markit – Notes to Editors

About Markit

Markit is a leading global provider of financial information services. We provide products that enhance transparency, reduce risk and improve operational efficiency. Our customers include banks, hedge funds, asset managers, central banks, regulators, auditors, fund administrators and insurance companies. Founded in 2003, we employ over 4,000 people in 12 countries. Markit shares are listed on Nasdaq under the symbol MRKT. For more information, please see www.markit.com.

About Fitch Solutions

Fitch Solutions delivers credit market data, analytical tools and risk services to the global financial community. In addition to offering proprietary market-based content, Fitch Solutions, a unit of Fitch Group, distributes the ratings, research and financial data of Fitch Ratings through a variety of flexible platforms. Fitch Group, majority owned by Hearst, is a global leader in financial information services with operations in more than 30 countries. For more information, please see www.fitchsolutions.com.