Markit looks to improve loan market efficiency with new identifiers

By Angela McDaniels

Tacoma, Wash., Oct. 9 - Markit announced plans to introduce a comprehensive loan identification system that will provide individual loan identifiers and a numbering system for loan market participants and enable straight-through processing.

Markit said its new universal set of identifiers will improve accuracy and operational efficiency by ensuring that information transmitted is linked to the correct underlying loan and delivered to the right market participant.

The identification system will connect existing disparate data and loan systems as well as other identifiers to ensure ease of adoption, according to a company news release.

The new participant identifiers will cover all loan entities, including the funds that hold the loans, Markit noted.

A primary set of identifiers will be available by the end of the year.

Markit provides independent data, portfolio valuations and over-the-counter derivatives trade processing to the financial markets.

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