The service will cover the broad universe of SGD bonds and will significantly enhance price discovery and transparency in this market. It will also provide market participants with a new and useful source of end-of-day mark-to-market prices for valuation and risk management purposes.

Active market makers in the SGD corporate bond market have agreed to participate in this initiative and will submit end-of-day bid/ask prices on the broad universe of SGD bonds to Markit on a daily basis. The resulting aggregated data will be distributed as a standalone product and complement Markit's flagship pricing products for evaluated bonds.

Armins Rusis, Managing Director and Global Head of Data, Indices and Research at Markit, said: "The Monetary Authority of Singapore has launched a number of initiatives to improve liquidity in the country's capital markets. We expect these will have a significant and positive effect on Singapore's bond markets by increasing the amount of price discovery information available. We look forward to applying our pricing expertise to the SGD bond market and hope our service will help remove barriers for new investors who want to access this market."

Markit opened its Singapore office in 2005. The company continues to expand its presence in the Asia-Pacific region and now also has offices in Tokyo, Hong Kong, Sydney and New Delhi.