Fitch Ratings Partners with Markit to Offer Derivatives Data in RAP CD.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of & LONDON -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. , one of the world's largest ratings agencies, and Markit Group Limited, the leading provider of independent data, portfolio valuations and OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). derivatives trade processing to the global financial and commodities markets, have entered into an agreement whereby Markit will provide its suite of credit derivatives data and tools for integration into Fitch's Risk Analytics Platform for Credit Derivatives (RAP CD). RAP CD allows market participants to independently price synthetic CDOs in a mark-to-model framework, and to evaluate the key elements driving market volatility in these instruments. RAP CD provides users with unprecedented transparency throughout the length of an investment from origination to maturity. Under the agreement, Markit's pricing for single-name Credit Default Swaps Credit Default Swap A swap designed to transfer the credit exposure of fixed income products between parties. Notes: The buyer of a credit swap receives credit protection, whereas the seller of the swap guarantees the credit worthiness of the product. (CDS), Bonds and Loans, European Asset-Backed Securities (ABS) , Convertible Bonds, and the iTraxx and Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance CDX CDX Companion Dog Excellent (AKC Obedience Title) CDX Cyber-Defense Exercise CDX Central Data Exchange CDX Community Development Exchange (UK community development organization) CDX Commercial Data Exchange indices as well as the Markit Reference Entity Database (RED) will be integrated into RAP CD. RAP CD users will also have access to Markit Portal, a web based Coming from a Web server. See Web application. intelligence tool providing unique insight into corporate performance and the financial markets by fusing together Markit's credit prices with key equity information, quality business news and independent research. The Markit Portal provides a 360- degree view of market activity by sector, region or index, or a customized view of issuers. 'As a recognized leader in the derivatives market, the addition of Markit's data and tools clearly enhances the transparency that RAP CD brings to the market,' said Kimberly Slawek, Group Managing Director, Fitch Ratings. 'We're driven to provide a solution for investors to help them with the most challenging aspects of investing in synthetic CDOs --- managing and anticipating portfolio volatility. We are very pleased to work with Markit in enhancing our offerings to investors.' Lance Uggla, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Markit, commented: 'Working together with Fitch RAP CD is an important move to enhance the quality of market risk tools for the synthetic CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the market, and a significant investment by Markit. We look forward to continuing to work with organisations such as Fitch that are deeply committed to bringing transparency to the OTC derivative marketplace.' About RAP CD -- Key Features and Usage RAP CD is a market risk evaluation platform for synthetic CDOs. The platform hosts independent valuation models and data sources to provide investors with mark-to-model pricing and the analytics driving price volatility. The RAP CD market risk reports detail sensitivities to spread widening, defaults, correlation changes and time-decay. Fitch's RAP CD service is accessible through a secure web-based portal and all results are delivered from a Fitch hosted solution. RAP CD also includes an extensive deal library of Synthetic CDOs. For those interested in learning more about RAP CD or who wish to coordinate a demonstration, please contact Simon Greaves greaves cracklings, an edible raw fat from the meat trade. The skimmings from the preparation of this fat are also called greaves. They represent a low grade of meat meal. +44 20 7862 4117 or Maria Sedlack +1 212-908-0549 or email 'rapcd@fitchratings.com'. Additional information is also available at www.fitchratings.com/credit_derivatives. About Fitch Ratings Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings continues to increase its market presence throughout the world and across all fixed income markets. Fitch Ratings is dual-headquartered in New York and London, operating offices and joint ventures in 51 locations and covering entities in more than 90 countries. Fitch Ratings is a majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. of Fimalac, S.A., an international business support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services group headquartered in Paris. About Markit Markit Group Limited is the leading provider of independent data, portfolio valuations and OTC derivatives trade processing to the global financial and commodities markets. The company receives daily data contributions from over 70 dealing firms, and its services are used by over 600 institutions to enhance trading operations, reduce risk and manage compliance. Markit's position in the derivatives markets has been acknowledged by the industry with numerous awards. In 2006, the company won Operations Management's Vendor of the Year award (Trade Processing); Financial News' Best Derivatives Data Solution and Best New Vendor Solution (Portfolio Valuations); Credit's Best Operational Support Services Provider; Inside Market Data's Reference Data Provider of the Year, and Company to Watch; Risk's Trading Initiative of the Year (Credit Event Fixings); and Structured Finance International's Editor's Award for Advancing Structured Finance. In 2005, Markit received International Securitisation Report's Editor's Award for Innovation; International Financing Review's Innovation of the Year (Credit Event Fixings); Financial News' Best Derivatives Data Provider; and Operations Management's Vendor of the Year award. For more information, see www.markit.com Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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