Mark Beeston, Illuminate Financial Management
"The partnership between Markit and CloudMargin is a valuable collaboration between two important solutions in the valuation and collateral management spaces."
London and New York - Markit, the provider of financial information services, and CloudMargin, the provider of a cloud-based collateral management system, have announced that Markit's Portfolio Valuations services will be available through CloudMargin's software platform.
Upcoming requirements on initial and variation margin within the BCBS IOSCO framework, set to be implemented globally from September 2016, will significantly impact margin calculation and workflow processes. One of the key industry challenges is achieving consistency in valuations used for P&L generation and margin calculation for collateral exchange. Another industry focus is ensuring seamless connectivity and workflow across valuation and collateral management systems. The integration between Markit's Portfolio Valuations capabilities and CloudMargin aims to help companies overcome these hurdles.
Nosheen Amir-Ebrahimi, managing director of Portfolio Valuations, Markit, said: "The integration of our valuations service into CloudMargin's platform provides a seamless valuations and collateral management solution, bringing operational efficiency, transparency and accuracy to our customers. CloudMargin users will gain access to Markit's Portfolio Valuations services, while our customers will be able to use CloudMargin's platform to manage their collateral workflow activities."
Steven Husk, executive chairman of the board, CloudMargin, said: "We are delighted to enhance the CloudMargin offering with Markit's best-in-class valuations service. In a rapidly changing regulatory landscape, the combination of CloudMargin's solution and Markit's portfolio services, places us in a unique position to support our clients' end-to-end collateral management requirements and deliver real competitive advantage across all cleared and uncleared transactions".
"The partnership between Markit and CloudMargin is a valuable collaboration between two important solutions in the valuation and collateral management spaces," said Mark Beeston, founder and managing partner of Illuminate Financial Management, a fintech venture capital firm. "It also demonstrates the strength of the Illuminate model in connecting portfolio companies like CloudMargin to industry leaders like Markit to benefit the industry."
Illuminate Financial Management invested in CloudMargin in February 2015 and Markit became a strategic investor in the Illuminate Fintech Opportunities Fund in October 2015.