London and New York, NY – Markit (Nasdaq: MRKT), a leading global diversified provider of financial information services, today announced a partnership with Pirum, a market leader in automating post trade securities finance processes. The partnership will help enhance the timeliness and transparency of information contained in Markit’s securities finance data set.
Mutual customers can now use Pirum’s data hub to deliver intraday and end of day trade data to Markit’s securities finance global data set. Pirum’s new API delivery mechanism enables customers to immediately benefit from enhanced coverage and timeliness.
Ben Challice, managing director and global head of equity finance at Nomura said: “This initiative enables Nomura to participate in Markit’s enhanced securities finance data service while utilising existing connectivity with both Markit and Pirum. Intraday market data will be an important tool for analysis and trade execution activities.”
David Carruthers, managing director and cohead of securities finance at Markit, said: “This agreement with Pirum will help our joint customers easily access intraday trade data through Markit’s securities finance analytical tools. The benefits of this integration extend beyond traditional securities lending and borrowing data to encompass pending, repo and collateral data. Markit’s data coverage spans a spectrum of trade types and reinforces our commitment to providing customers with a single platform that meets their data needs across the entire securities financing workflow.”
Rupert Perry, ceo at Pirum, said: “Our customers can easily manage how much of their accurately matched Pirum trade data they want to be made available to Markit. This ensures they retain control of quality, without any additional IT development effort or cost on their part. This new data interface forms part of our strategy of enabling our customers to easily have their securities finance data transmitted to wherever our customers require their data to be sent.”
Markit’s partnership with Pirum builds on the securities finance coverage already collated by Markit through direct customer contributions, which covers over $15 trillion of securities in the lending programmes of over 20,000 institutional funds and tracks loan balances of approximately $2 trillion.