Spanish bank Grupo BBVA has signed an agreement to use Markit’s Markit RED credit default swaps product. The product provides market standard reference entity names, reference obligations and codes used throughout the credit default swap markets. The database is a key part of the processes in this market including on-line trading, standard documentation and settlement. RED has increased the efficiency of the matching, confirmation and settlement infrastructure at client firms by diminishing legal and operational risks and reducing transactional costs. Juan Fernandez Blasco, head of trading at Grupo BBVA, said: “The need for precise reference entity data in the CDS market led us to sign a contract with RED.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
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