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December 10th 2007
Vol 23 No 12
BREAKING NEWS

Paladyne Integrates Markit

Hedge fund software vendor Paladyne Systems has integrated data from credit and derivatives data vendor Markit into its software for pricing, analytics and order management applications.

The data includes Markit's credit default swap curves and index component data, as well as reference data from its Reference Entity Database.

Paladyne chief executive Sameer Shalaby says the vendor began the integration based on demand from a specific client, a global hedge fund, but that "we have seen a lot of interest from our hedge fund clients around Markit... over the last year or so." As the CDS market grows, firms are looking for more reliable sources of pricing and valuations, as well as terms and conditions data, he says.

Paladyne has integrated the RED data with its SecurityMaster product and Markit's price data with its PriceMaster product, which collates prices from different vendors and makes them available to applications as required-either on a request-response model when applications request data for a calculation or trade, or on a "push" basis for data held in user watchlists of instruments.

Nicola von Schroeter, managing director of Markit's alliance partner program, says that because Markit's data needs to be presented to users via third-party applications, it is important that those application providers ensure the data is properly integrated to avoid any errors in the data.

"We have introduced a certification program that asks partners to invest in understanding our database structures. They then develop a loader which translates our structure into theirs," von Schroeter says. "Our credit derivatives databases are more complicated. As such, if the integration work is not done properly, then the provider runs the risk of misrepresentating the data."

Paladyne currently captures the data via a daily static file from Markit's Web site, which the vendor has compiled overnight, and updates the data in client applications each morning. Markit also provides intra-day data, though this would require a different interface, von Schroeter says.

Max Bowie