Financial Data Provider Markit Acquires Syndicated Loan Technology From J.P. Morgan

Additional technology from J.P. Morgan will enhance Markit's capabilities, advance straight through processing and trade settlement.

Image credit: the Globe and Mail

Markit, a leading global provider of financial information services, has acquired the syndicated loan technology from J.P. Morgan. Financial terms of the deal were not disclosed. The deal is not expected to have a material impact on Markit’s financial results this year.

Markit will make the software available to sellside and buyside institutions seeking to integrate with major systems used in the syndicated loan market. The company’s comprehensive solution for efficient loan management includes the following: pricing, reference data, credit and portfolio analysis, indices, agent servicing portals, automated trade settlement, messaging hubs and portfolio management.

Scott Kostyra, Managing Director and Head of Loan Settlement in Markit’s Processing Division, said in a statement: 
“Acquiring this software allows Markit to provide the global syndicated loan market with a proven solution for integrating with the newest technology for straight through processing of loan transactions and lifecycle events. We are offering an alternative to expensive and risky internal software builds and helping expedite industry adoption of risk and cost reducing initiatives such as Markit Clear for trade settlement and FpML for electronic communication of loan information.”

Founded in 2003 and headquartered in London, United Kingdom, Markit is a leading global provider of financial information services. Markit provides independent data, trade processing of derivatives, foreign exchange and loans, customised technology platforms and managed services. Its customers include banks, hedge funds, asset managers, central banks, regulators, auditors, fund administrators and insurance companies. Markit share are listed on NASDAQ under the symbol MRKT, it employ over 4,000 people in 11 countries.