Bisys teams with Markit for derivatives pricing

Source: Bisys Alternative Investment Services

BISYS Alternative Investment Services (BISYS), a leading global provider of administrative, accounting and tax services for the hedge fund and private equity industry, today announced that it has entered into an agreement for the pricing of complex over-the-counter (OTC) derivatives with Markit Group Limited.

Markit is the leading industry source of independent data, portfolio valuations and OTC derivative trade processing for the global financial and commodities markets.

The integration of Markit Portfolio Valuations and the BISYS platform enhances the existing relationship between the two companies, which was established in 2004 to strengthen BISYS' capabilities in the area of credit pricing. Under the original agreement, Markit provided Credit Default Swap (CDS) composite and contributor level data to BISYS allowing its Global Data Services team to model and value CDS positions. BISYS was the first administrator to receive Markit's comprehensive data.

The BISYS Global Data Services team, based in Dublin, Ireland, includes a talented staff of mathematicians and quantitative analysts specializing in the valuation of complex OTC derivative instruments. This group uses industry leading data vendors and state-of-the art analytics applications.

Hugh Hanna, head of Global Data Services, said, "The combination of our Global Data Services team and Markit's valuations service offers a tremendous benefit to our clients that allows us to provide fully independent valuations for their complex pricing requirements. Markit is the industry benchmark for data and valuations in the credit and OTC derivatives market, and we look forward to working closely with them as we continue to support our client needs."

Tim Barker, executive vice president and head of valuations at Markit, added, "We are delighted to extend the work we do with BISYS. We have many common clients who understand the need for complex pricing and the importance of independence, and this agreement will ensure that they reap the full benefits."

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