Citadel Solutions to provide Markit portfolio valuations
Citadel Solutions, an innovative provider of hedge fund administration and reporting services, and Markit, a leading provider of independent data, portfolio valuations and over-the-counter (OTC) derivatives trade processing, today announced an agreement for Markit to provide Citadel Solutions' clients with independent portfolio valuations.
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Markit's Portfolio Valuations service is aimed at buy-side institutions. It provides critical, independent post-trade calculation of the gross asset value of a portfolio of trades. The service covers a wide range of securities and OTC derivative instruments, both vanilla and exotic. Markit draws upon its proprietary data, received from over 90 leading market makers, to drive its portfolio valuations service. The ability to refer to these prices, which span over 1.3 million data points collected daily, sets Markit apart from alternative services.
"Markit is well known for providing high-quality, independent valuations, and we are pleased to have forged this new partnership. This agreement is part of the multi-vendor strategy we use to provide Citadel Solutions' clients with best-in-class market information," said John Buckley, President of Citadel Solutions. "As today's market grows increasingly complex, our clients are increasingly demanding reliable, third-party valuations."
Craig Marthinsen, Managing Director at Markit, said, "Citadel Solutions and Markit share a common commitment to innovation and high quality services for financial institution clients. We welcome this opportunity to offer our valuation services to Citadel Solutions' clients."