Press Release
Principia System incorporates Markit credit default swap data for comprehensive credit derivatives lifecycle management
Jersey City, New Jersey – March 23, 2005 - Principia Partners LLC, a leading technology provider of comprehensive front-to-back office solutions for managing highly complex, structured financial assets, liabilities and derivatives, announced today that it has integrated credit derivatives data from Markit Group Ltd. Markit is the world’s first integrated daily pricing service for global credit derivatives, cash credit instruments and syndicated loan pricing. The incorporation of Markit’s credit default swap data is a significant enhancement to Principia’s automated credit derivatives trading and operations platform. Markit provides daily credit default swap composite and contributor level data on over 2,600 individual entities and tiers of debt, gathered from over 45 contributing organizations used to construct more than 13,000 credit curves by entity, tier, currency and documentation clause.
The Principia System’s flexible analytic framework has enabled credit derivatives users to price and risk manage products using a variety of available market data. “Integration with Markit’s data enables us to deliver a more robust, turnkey credit derivatives platform to a wider user base, helping us to provide a comprehensive solution to users who require third-party contributed data sources,” states Dr. Douglas Long, Product Marketing Director at Principia Partners. Principia serves a wide range of customers in the insurance, fund management, banking and structured finance markets with its leading trade lifecycle management solutions for a broad host of financial instruments, ranging from vanilla to highly structured.
"Markit’s broad asset coverage and reference data is a good fit with the Principia lifecycle management solutions,” said Mark Hunt, Director of Product Development at Markit. “ As customers increase their exposure to credit derivatives they will benefit from our partnership through enhanced STP, reduced operational costs and an improved regulatory environment and risk profile.”
The integration of Markit’s data further enhances Principia’s commitment to delivering key market data for the broad array of asset classes that the system manages, which include credit derivatives, cash securities, ABS/MBS, and FX. The ability to provide accurate and consistent data is a major component of the company’s mission to provide a comprehensive end-to-end solution that can flexibly serve multiple market segments.
About Markit
Markit is the leading industry source for asset valuation data
and services supporting independent price verification and risk management
in global financial and energy markets. Founded in 2001, the company
is an independent enterprise with which the world’s leading
financial institutions and energy traders work strategically to create
price transparency. Today, Markit enjoys the sponsorship of 13 financial
institutions who manage assets in excess of $10 trillion, and data
contribution relationships with over 45 dealing firms. Markit has
designed, launched and acquired over 20 financial data services,
which are now used by over 300 institutions globally. Areas of product
expertise and service include an independent valuation perspective
on credit default swaps, syndicated loans and OTC derivatives (credit,
equity, FX, rates, energy, power, metals and structured products),
as well as dividend forecasting and index and ETF management. For
more information about Markit, see www.markit.com
About Principia Partners
Principia Partners LLC (Principia) provides a comprehensive single platform solution for the end-to-end management of structured finance investments. Global financial institutions and independent asset managers have used the award winning Principia Structured Finance Platform since 1995 to unify investment analysis, portfolio management, risk surveillance, accounting and operational control across the breadth of structured credit assets, fixed income investments and complex derivatives.
For over 15 years Principia’s mission has been to help investors independently address the deal specific investment and cashflow analysis, valuation, risk management, reporting and due diligence requirements of structured credit investments and portfolios. Its dedicated support and continued development of functionality for structured finance instruments is accompanied by a proven and fully integrated derivative valuation framework. This overall credit investment and market risk solution delivers the robust backbone necessary for deeper investment analysis, proactive risk surveillance and operational control across the credit investment business.
Principia is based in New York, with an office in London and a technology center in Conshohocken, Pennsylvania. Principia SFP was awarded the Credit Technology Innovation award by Credit magazine in 2008, 2009 and 2010.
For press information contact:
Ben Jarrold
Tel: + 44 (0) 20 7618 1370
Email: Jarrold@ppllc.com