Markit, a major provider of over-the-counter derivatives data and processing technology, acquired QuIC Financial Technologies, Inc (QuIC), the company announced today.
QuIC provides the world’s leading financial organizations with risk analytics solutions to test market and credit risk tolerance in financial portfolios and simulate risk at the enterprise level, according to the release.
The acquisition will enable Markit to meet the growing demand for risk analytics and enterprise risk management services. It will allow Markit to combine its strengths in data and valuations with QuIC’s analytics expertise, thereby offering a comprehensive solution for risk-related services spanning independent pricing, valuations and analytics across asset classes.
“The field of risk analytics continues to grow at an accelerated pace and presents some very interesting opportunities for Markit,” comments Lance Uggla, CEO of Markit, in the release. “By acquiring one of the leading providers of risk analytics, Markit will gain significant enterprise risk management capabilities which will allow us to provide our customers with the comprehensive solutions they require to identify and manage risk,” stated Uggla.
QuIC will become part of Markit’s valuations and analytics services unit, and will continue to provide all of its existing high-quality services to clients throughout the financial industry. Markit’s rich data set, which spans all major asset classes in the cash and over-the-counter derivative markets— including credit default swaps, bonds, loans, equities, commodities and rates — will become a valuable input into the QuIC Engine£, the high speed computational framework that powers QuIC’s solutions.
Markit recently combined its valuations and analytics services - comprised of Markit’s Totem, Portfolio Valuations, Valuations Manager, Evaluated Bonds and Structured Finance businesses - under the direction of WCP Sal Naro.
In the same release, Nigel Cairns, QuIC’s President and CEO of QuIC, said: “Joining forces with Markit will enhance our ability to offer state-of-the-art risk tools to the financial markets and other sectors. Risk analytics begin with good inputs and I am confident that, with Markit’s data and resources, we will provide an even better service to our clients and be able to develop exciting new offerings, together with Markit.”
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio