Markit (NASDAQ:MRKT) has partnered with FinTech Sandbox, a nonprofit provider of free and low cost financial data and technology services, helping foster startups’ access to fixed income pricing and reference data, according to a Markit statement.
Markit has had a very eventful Q1 2016, having embarked on a number of across a number of different business segments and industries. By extension, FinTech Sandbox has carved out a role in the industry as a facilitator of financial data and infrastructure for up-and-coming FinTech startups worldwide.
The latest initiative will see Markit dedicate its services to the FinTech space, which helps extend its data suite to startups participating in FinTech Sandbox’s program, focusing on fixed income pricing and reference data, indices, securities finance, equity volatility, and exchange-traded products (ETP) data.
The move is important for nascent FinTech startups namely as they gain access to one of the industry’s deepest sources of information and data, placing them on a par with established venues. In addition, the data deal with Markit is just the latest effort by FinTech Sandbox, which grants free access to financial data and infrastructure for highly qualified FinTech startups. It will be worth watching if other data or research providers follow suit.
According to Ed Chidsey, Global Head of Pricing and Reference Data at Markit, in a recent statement on the partnership: “We strongly believe that our support of entrepreneurs in the vibrant global FinTech community will benefit the industry overall. Innovation is at the core of our business and we look forward to collaborating with Sandbox and engaging with their early stage companies as they define and refine their business models.”
“Access to the breadth and depth of Markit’s data will give startups in our program a significant boost in creating and developing products to meet the rigorous standards of large financial institutions,” added Jean Donnelly, Executive Director of FinTech Sandbox in an accompanying statement.
Markit made headlines earlier this week after it . for a valuation of approximately $5.9 billion. IHS will acquire nearly 57% of the newly combined company, bringing the merger value to just over $13 billion between the newly aggregated businesses. The remaining pro-forma ownership will be 43% held by Markit.
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