Asset Control Integrates Markit Data into AC CompanyMaster to Enhance its Credit Data Solution
London (ots/PRNewswire)
Asset Control, a leading provider of investment data management solutions to the financial industry, today announced that credit prices and counterparty reference data from Markit have now been integrated into AC CompanyMaster. This industry-leading data enhances the immediate utility of AC CompanyMaster as a highly efficient means of managing credit data for Basel II credit risk compliance and counterparty credit risk management.
The integration of Markit data into AC CompanyMaster is being implemented at various customer sites internationally.
"The cost of managing credit risk for maximum profitability, as well as complying with Basel II credit risk reporting requirements, can be significantly lowered by automation that gathers and maintains the credit data, while minimizing human intervention. By integrating Markit data into AC CompanyMaster, we now offer the quickest possible implementation of a robust credit data management platform," said Ken Payne, director of sales and marketing at Asset Control. "Our customers requested integration of Markit data to support their credit data management, and we are pleased with the collaborative spirit at Markit that brought this work to a rapid conclusion."
The data feeds are Markit RED and Markit Data. Markit RED is a unique global reference utility, which confirms long legal names on over 2,000 reference entities and the legal relationship between a reference obligation and its guarantor or issuer. Markit Data delivers daily composite mark-to-market prices and spreads gathered from over 40 contributing organizations for investment- and subinvestment-grade credit default swaps, cash securities and syndicated loans used by organizations globally within trading, risk management and product control roles.
"The rapid expansion of the credit markets requires quality data solutions, partnered with sophisticated data management platforms, and we are delighted to be working with Asset Control and our mutual customers to meet this need. The need to reduce settlement overheads in the trade process as well as customers' risk needs are significant drivers for adoption of Markit's Reference Entity Database (RED) and the underlying platforms to manage this data," said Mark Hunt, director of product development at Markit.
AC CompanyMaster
AC CompanyMaster gathers, verifies, and consolidates company data. In addition, it provides user access and manipulation of a full range of credit-related data, including issuer reference data, legal entity hierarchies, credit pricing data and credit ratings, both vendor-supplied and proprietary. A configuration of the modular AC Plus data management framework, AC CompanyMaster can easily be extended to other data types - such as instrument, pricing and corporate actions data - and scales easily from a departmental to enterprise solutions. For more information about AC CompanyMaster or to schedule a visit to a customer site where it is in production, please contact info@asset-control.com.
About Asset Control
Asset Control offers centralized data management to financial industry firms through a full range of in-house and outsourced options. A choice of developer tools, turnkey software solutions and outsourced services enable users to optimize their investment data for efficiency, cost control, reduced operational risk and increased value from their data.
Derived from the robust and reliable AC Plus modular framework, the Asset Control product set includes data solutions addressing market risk, counterparty credit risk, security master, research and corporate actions, as well as global data networking and administration. Handling data from vendors and in-house systems, these solutions collect, validate, normalize, and consolidate data into cleansed composite "golden copy" sets for business use.
Customers include the LCH.Clearnet, Abbey National, ABN AMRO, Barclays Capital, Bayerische Landesbank , BBVA, Commerzbank, IBM (Dresdner Bank), Harvard Management Company, HSH Nordbank, HypoVereinsbank, Grupo Santander, ING, Robeco Groep, Societe Generale, Standard Bank, Standard Chartered and Union Investment, as well as a super-major global energy group. Established in 1991, Asset Control is a privately held firm with operations in London, New York and the Netherlands. For more information please visit http://www.asset-control.com.
About Markit
Markit is the leading industry source for asset valuation data and services supporting independent price verification and risk management in global financial and energy markets. Founded in 2001, the company is an independent enterprise with which the world's leading financial institutions and energy traders work strategically to create price transparency.
Today, Markit enjoys the sponsorship of 13 financial institutions that manage assets in excess of US$10 trillion, as well as data contribution relationships with over 45 dealing firms. Markit has designed, launched and acquired over 20 financial data services which are now used by over 300 institutions globally. Areas of product expertise and service include an independent valuation perspective on credit default swaps, syndicated loans and OTC derivatives (credit, equity, FX, rates, energy, power, metals and structured products), as well as dividend forecasting and index and ETF management. For more information, please visit http://www.markit.com.
Contact:
Kathleen Hawk
Communications, Asset Control
+1-845-687-2222
khawk@asset-control.comWeb site: http://www.asset-control.com
Contact:
Kathleen Hawk, Communications, Asset Control, +1-845-687-2222,
khawk@asset-control.com; or Mark Hunt, Director, Product Development
of Markit, +44-1727-734-226, mark.hunt@markit.com