Markit and Cairn Capital Launch European ABS Index

Global financial services company Markit is joining forces with credit asset manager Cairn Capital, to launch a European asset-backed securities surveillance index, called the Markit ABS Performance Monitor. The initiative comes after another recent Markit initiative to track Fannie Mae (FNM) residential mortgage pools. The Markit ABS Performance Monitor will provide detailed analysis of European ABS deals. The firm said users will gain access to comprehensive one-page deal summaries, with the ability to compare key performance indicators and follow the rate of bond payments. The monitor will also note key events, such as the recalculating of credit enhancement and/or changes to the excess spread. Markit is also acquiring a Web application delivery service called Wall Street On Demand, a provider of services in the design, development and hosting of financial services websites, reports and tools. “The transaction will enable us to play a leading role in the ongoing transformation of the financial services industry by delivering innovative products and services to our customers,” said Markit CEO Lance Uggla. Wall Street On Demand will continue to be based in Boulder, Colorado and its employees will become part of Markit. Write to Jacob Gaffney. Disclosure: the author holds no relevant investments.

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