QuIC will become part of Markit’s valuations and analytics services unit, and will continue to provide all of its existing high-quality services to clients throughout the financial industry. Markit’s rich data set, which spans all major asset classes in the cash and over-the-counter derivative markets – including credit default swaps, bonds, loans, equities, commodities and rates – will become a valuable input into the QuIC Engine™, the high speed computational framework that powers QuIC’s solutions. Markit recently combined its valuations and analytics services – comprised of Markit’s Totem, Portfolio Valuations, Valuations Manager, Evaluated Bonds and Structured Finance businesses – under the direction of Executive Vice President Sal Naro.
Lance Uggla, CEO of Markit, said: “The field of risk analytics continues to grow at an accelerated pace and presents some very interesting opportunities for Markit. By acquiring one of the leading providers of risk analytics, Markit will gain significant enterprise risk management capabilities which will allow us to provide our customers with the comprehensive solutions they require to identify and manage risk.”
Nigel Cairns, President and CEO of QuIC, said: “Joining forces with Markit will enhance our ability to offer state-of-the-art risk tools to the financial markets and other sectors. Risk analytics begin with good inputs and I am confident that, with Markit’s data and resources, we will provide an even better service to our clients and be able to develop exciting new offerings, together with Markit.”
Sal Naro, Executive Vice President and Global Head of Valuations and Analytics Services at Markit, said: “Entering the risk analytics space is a natural evolution for Markit and our combination with QuIC will give us a market-leading offering in this fast-growing area. We are excited about working with the team at QuIC and believe that, together, we can deliver the solutions the industry needs to understand and manage risk effectively.”
QuIC was founded in 1998 and is headquartered in Vancouver, Canada with offices in Calgary, London and New York. QuIC’s 105 employees will join Markit.