Customers of Markit’s Portfolio Valuations service can now elect to have their portfolios updated automatically using a realtime trade feed from MarkitSERV.
For permissioned customers, the new connection captures their over-the-counter (OTC) derivative trades processed through MarkitSERV, the electronic trade processing service.
This feature eliminates the need for customers to build a separate trade feed for valuations, thereby significantly reducing costs, onboarding times and discrepancies in trade details.
Padmesh Thuraisingham, managing director of portfolio valuations at Markit, says: “Our customers are very focused on getting value for service and therefore on managing the technology and cost of connectivity to multiple systems, without compromising accuracy and efficiency. This initiative, along with our platform’s existing connectivity to clearinghouses and dealers for delivery of cleared and counterparty valuations, will help customers meet their workflow and reporting needs.”
The first phase of the integration covers interest rate swaps, swaptions and overnight index swaps, and will be extended to other asset classes in the coming months. Once customers authorise Markit’s Portfolio Valuations service to access their trade information via MarkitSERV, the trades will be captured as they are confirmed and updated throughout their life.
The Portfolio Valuations service is fully hosted, providing independent mark-to-market valuations and risk analytics for vanilla and exotic OTC derivatives across all asset classes, private equity and illiquid debt investments, structured notes, and fixed income cash products including bonds, loans and asset backed securities.