Markit has launched a Present Value (PV) Service designed to provide hedge funds, traditional asset managers and fund administrators with a swift and accurate Net Asset Value (NAV) of their credit derivative portfolios. The PV Service is via a website connection. Users can submit trade data at any time, either from a spreadsheet or via XML, with no additional software required to use the service. Trades are priced using Markit’s clean, average mark-to-market prices taken from the main dealers in the credit default swap (CDS) market, and an independent valuation is supplied back to the user within seconds. CDS positions in the user portfolio are tagged with the market-standard reference entity database (RED) codes. The PV Service values a broad range of credit derivative products, including CDS and index trades. Bespoke synthetic CDO baskets and tranched index trades are expected to be included in the service in the second half of 2005.
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