Markit Reinforces Structured Finance Services Through Acquisition of Chasen Enterprises
LONDON and NEW YORK, August 29 /PRNewswire/ -- Markit Group Limited ("Markit"), the leading provider of benchmark data, portfolio valuations and trade processing for the OTC derivative markets, today announced it has acquired Chasen Enterprises ("Chasen"). Chasen provides accurate, high quality modelling of structured securities, notably agency and non-agency Collateralized Mortgage Obligations ("CMO") and Asset-Backed Securities ("ABS").
Kevin Gould, Executive Vice President and Head of Data Products and Analytics at Markit, said: "The acquisition of Chasen demonstrates Markit's commitment to support the structured finance markets, particularly with respect to the valuation of synthetic ABS instruments. The CDS of ABS market is growing rapidly and we are seeing an ever-increasing demand for benchmark data and independent valuations for this product."
Markit will leverage Chasen's structured finance expertise to develop further its Reference Cashflow Database (RCD). RCD will launch later this year and will be used as the central monitoring and settlement platform for the CDS of ABS market. Markit's ABX calculator, which is used for settlement of the ABX index trades and is free to market participants, will also benefit from enhanced functionality.
Andrew Chasen, Founder and President of Chasen, stated: "We are very excited about becoming a part of Markit, a firm that has helped to build liquidity in the sub-prime residential mortgage market through ABX. We look forward to contributing our modelling expertise in order to provide the investment community with the tools needed to analyse synthetic ABS."
Markit brought price transparency to the European ABS market with the launch of the first independent ABS pricing service in November 2005. In early 2006, Markit helped CDS IndexCo, the dealer consortium, launch ABX and CMBX, the synthetic ABS and CMBS indices. In April 2006, Markit launched a Portfolio Valuations service, spanning all OTC derivative products, to meet buy-side demand for independent valuations.
Chasen has been offering software and services to the structured finance sector since 1989, and the company has modelled over 18,000 CMO and ABS structures to date. The company is based in Peekskill, New York.
About Markit Group
Markit Group Limited is the leading provider of independent pricing, reference data, portfolio valuations and OTC derivatives trade processing to the global financial and commodities markets. The company receives daily data contributions from over 65 dealing firms, and its services are used by over 450 institutions to enhance trading operations, reduce risk and manage compliance.
Markit's position in the derivatives markets has been acknowledged by the industry with awards from Credit for Best Operational Support Services Provider 2006; Inside Market Data for Reference Data Provider of the Year 2006, and Company to Watch 2006; Risk Magazine for Trading Initiative of the Year 2006 (Credit Event Fixings); Structured Finance International's Editor's Award for Advancing Structured Finance 2006; International Securitisation Report's Editor's Award for Innovation 2005; International Financing Review's Innovation of the Year 2005 (Credit Event Fixings); Financial News' Best Derivatives Data Provider 2005; and Institutional Investor's Operations Management Award for Vendor of the Year 2005.
About Chasen Enterprises
Chasen Enterprises was founded in 1989 in order to provide flexible software for modelling the various structures that were evolving in the structured finance market. The firm's mission has expanded to include the creation and maintenance of extensive libraries of modelled structured transactions. The company is based in Peekskill, NY.
SOURCE Markit Group Limited
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