LONDON AND NEW YORK, NY – 2 MARCH 2016
CloudMargin, the provider of the world’s first cloud-based collateral management system, and Markit (Nasdaq: MRKT), a leading global provider of financial information services, today announced that Markit’s Portfolio Valuations services will be available through CloudMargin’s software platform.
Upcoming requirements on initial and variation margin within the BCBS IOSCO framework, set to be implemented globally from September 2016, will significantly impact margin calculation and workflow processes. One of the key industry challenges is achieving consistency in valuations used for P&L generation and margin calculation for collateral exchange. Another industry focus is ensuring seamless connectivity and workflow across valuation and collateral management systems. The integration between Markit’s Portfolio Valuations capabilities and the CloudMargin platform is a significant step to help companies overcome these hurdles.
Nosheen Amir-Ebrahimi, managing director of Portfolio Valuations, Markit, said: “The integration of our valuations service into CloudMargin’s platform provides a seamless valuations and collateral management solution, bringing operational efficiency, transparency and accuracy to our customers. CloudMargin users will gain access to Markit’s Portfolio Valuations services, while our customers will be able to use CloudMargin’s platform to manage their collateral workflow activities.”
Steven Husk, Executive Chairman of The Board, CloudMargin, said: “We are delighted to enhance the CloudMargin offering with Markit’s best-in-class valuations service. In a rapidly changing regulatory landscape, the combination of CloudMargin’s solution and Markit’s portfolio services, places us in a unique position to support our clients’ end-to-end collateral management requirements and deliver real competitive advantage across all cleared and uncleared transactions.”
“The partnership between Markit and CloudMargin is a valuable collaboration between two important solutions in the valuation and collateral management spaces,” said Mark Beeston, founder and managing partner of Illuminate Financial Management, a capital markets fintech venture capital firm. “It also demonstrates the strength of the Illuminate model in connecting portfolio companies like CloudMargin to industry leaders like Markit to benefit the industry.”
Illuminate Financial Management invested in CloudMargin in February 2015 and Markit became a strategic investor in the Illuminate Fintech Opportunities Fund in October 2015.
Markit is a leading global provider of financial information services. We provide products that enhance transparency, reduce risk and improve operational efficiency. Our customers include banks, hedge funds, asset managers, central banks, regulators, auditors, fund administrators and insurance companies. Founded in 2003, we employ over 4,000 people in 12 countries. Markit shares are listed on Nasdaq under the symbol MRKT. For more information, please see http://www.markit.com.
About Illuminate Financial Management LLP
Illuminate Financial Management LLP was founded in 2014 as a London-based venture capital firm with global mandate, exclusively focused on financial technology that benefits capital markets participants. Illuminate’s first fund is established to capitalise on fintech investment opportunities driven by the significant change in the business and regulatory environments in which financial institutions operate. The fund brings together investors, entrepreneurs and financial institutions by investing in and fostering the adoption of new technologies that address those critical business needs. Through the application of our domain knowledge and the connection of entrepreneurs and their companies to our extensive industry networks, we aim to drive successful outcomes for our portfolio companies and all our stakeholders.http://illuminatefinancial.com.