Markit, the world's first integrated daily pricing service for global credit derivative, cash and loan instruments, is extending its global reach and 'on the ground' client support by opening an office in Times Square Tower in New York City.
Kevin Gould, executive vice president, will run the New York office and will be responsible for business development and sales in North America. Joining Mr. Gould are eight professionals with industry experience ranging from 5 to 20 years, enabling the UK-based company to better serve its growing North American client base and capitalise on opportunities in the rapidly expanding U.S. OTC markets.
Mr. Gould comments, "We have created a unique business with considerable market reach and a high level of client service. These are exciting times for us and the opening of the New York office is consistent with our goal to ensure Markit is universally recognised as the leading provider of definitive market data and associated services across all asset classes."
Markit's powerful suite of pricing and valuation tools helps its clients better manage their risk. Markit works with over 250 institutions globally, of which the majority are banks or hedge funds, where there is an increasing focus on independent sources of data for valuation.
Andrew Feldstein, who runs Blue Mountain Credit Alternatives, a $2.5bn credit hedge fund based in New York, comments, "As a user of Markit's services, it is clear they lead the market in providing daily credit derivative price information for valuation and risk management purposes. They have a great opportunity to expand their platform and increase their reach across products, curves and credits. We look forward to working with them even more closely when they open their New York office."