Markit buys Storm Networks' tech assets

Markit buys Storm Networks' tech assets

Financial data outfit Markit has acquired the technology assets of Storm Networks, a syndicated loan market specialist. Financial terms of the deal were not disclosed.

New York-based Storm provides technology for the syndicated loan market designed to improve trade settlement workflow and connectivity with counterparties. Markit has also agreed to license software and technology from Storm's technology partner, Quartet Financial Systems.

The acquisition comes just months after Markit bought the ClearPar loan settlement platform from FIS. The firm says that combining the two will create a straight-through processing model with standardised terms under a master agreement, which will eliminate the need to sign multiple documents.

It will also decrease settlement times by providing customers with access to real-time agency bank data for inventory verification, credit restrictions and corporate actions.

Armins Rusis, global co-head, fixed income, Markit, says: "We have invested significantly in our loans business and the combined acquisitions of Storm and ClearPar allow us to support existing trade processing infrastructure while transitioning the market to an electronic settlement model. The ultimate solution, which includes Markit's loan data, messaging, and identifiers, will increase efficiency and transparency which in turn will promote liquidity, ushering in a new investor class."

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