By Simon Miller
Global financial information services company Markit has bought Data Explorers from private equity firm Bowmark Capital.
The global securities lending data company's data set covers $12trn (£7.5trn) of securities in the lending programmes of over 20,000 institutional funds and was bought after an auction by Bowmark which acquired the company in 2007.
The auction was led by Deutsche Bank and the acquisition comes as the new regulatory environment is changing the dynamics of the securities financing markets.
Markit said that by combining Data Explorers’ data set with its own products and services, the company will be able to develop new offerings allowing clients to optimise their use of collateral. Markit will also develop products for equity market participants in the ETF, dividend forecasting and quantitative research areas to complement its existing services.
Lance Uggla, CEO of Markit, commented: “Markit’s acquisition of Data Explorers represents a logical extension to our existing data, research and analytics for the equity markets and complements our extensive fixed income offering. Our global distribution capabilities and robust technology infrastructure put us in a strong position to develop a compelling offering for our combined customer base globally.”