Markit and DTCC Link Up to Create Comprehensive Solution for Syndicated Loan Trades

Markit will combine Markit WSOData, ClearPar and DTCC`s Loan/SERV Messaging
Service and will link to other Markit and DTCC Loan/SERV Services
NEW YORK & LONDON--(Business Wire)--
Markit, a leading global financial information services company and The
Depository Trust & Clearing Corporation (DTCC) today announced plans to bring
together key services for the loan market in order to offer a comprehensive
solution for the processing of syndicated loans. The initiative aims to increase
efficiency and help reduce counterparty and operational risk in the
multi-trillion dollar syndicated loan market.

DTCC is expected to contribute its Loan/SERV Messaging Service to Markit`s
electronic loan settlement platform. The Loan/SERV Messaging Service is a safe,
secure and automated network for the transmission, receipt and online storage of
industry standard loan messages in FpML format. The combination of DTCC`s
electronic messaging and Markit`s loan settlement platform will improve
communication between buy-side and sell-side market participants significantly.
In addition to contributing its Loan/SERV Messaging Service, the DTCC will
connect the new Markit platform to other existing and future Loan/SERV products
for loan reconciliation and cash settlement including Delivery versus Payment
(DVP).

Markit`s platform, which integrates parts of its WSO portfolio management
software and services, will be enhanced further once Markit completes its
acquisition of ClearPar, an automated syndicated loan operations platform, from
FIS. The acquisition, which was agreed today, is expected to close by the end of
this year. The Markit platform will also provide connectivity to Markit Document
Exchange1 (MDE) and Markit Entity Identifiers2 (MEI) to ease the transfer of
information such as reference entity data, administrative details and ancillary
counterparty documentation.

Armins Rusis, Executive Vice President and Global Co-Head of Fixed Income at
Markit, said: "The syndicated loan market is one of the largest credit asset
classes and we have been working with the industry on a global settlement
solution that will connect buy- and sell-side participants electronically for
the first time. It is only by improving communication across the marketplace
that we can speed loan settlement times and reduce operational risk to bring
about a more transparent and liquid loan market."

"We`re pleased that Markit and DTCC have come together to provide this solution
to the loan market," said Michael C. Bodson, Executive Managing Director,
Business Management and Strategy at DTCC. "The Loan/SERV Messaging Service will
help eliminate faxes and associated back-office costs while greatly improving
the reliability, timeliness and accuracy of syndicated loan communications. This
service and future Loan/SERV products will help move the syndicated loan market
closer to straight-through processing."

Andrew Gordon, Chief Executive Officer and President of Octagon Credit
Investors, said: "Participants in the syndicated loan industry have long agreed
on the need to move to electronic-based processing. In addition, here is a
necessity in the industry to provide transparency in the closing and settlement
process. The combined solution to be provided by Markit and DTCC is a positive
step in that direction, as long the majority of the loan community adopts the
solution."

The DTCC Loan/SERV Messaging Service is expected to be incorporated into the
Markit loan settlement platform in the first half of 2010.

About Markit

Markit is a leading, global financial information services company with over
1,300 employees. The company provides independent data, valuations and trade
processing across all asset classes in order to enhance transparency, reduce
risk and improve operational efficiency. Its client base includes the most
significant institutional participants in the financial market place. For more
information, see www.markit.com.

About Markit WSO

Markit provides a suite of software products and services designed to make the
management of bank loan portfolios and structured deals an efficient and
accurate process. Markit WSO provides a wide range of solutions ranging from
accounting and advanced reporting, to analytics. Services include loan asset
processing and reporting as well as a secure online central repository of loan
transaction data.

About DTCC

The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries,
provides clearance, settlement and information services for equities, corporate
and municipal bonds, government and mortgage-backed securities, money market
instruments and over-the-counter derivatives. In addition, DTCC is a leading
processor of mutual funds and insurance transactions, linking funds and carriers
with financial firms and third parties that market these products. DTCC`s
depository provides custody and asset servicing for more than 3.5 million
securities issues from the United States and 117 other countries and
territories, valued at $27.6 trillion. Last year, DTCC settled more than $1.88
quadrillion in securities transactions. DTCC has operating facilities and data
centers in multiple locations in the United States and overseas. For more
information on DTCC, visit www.dtcc.com.

1 MDE allows market participants to exchange and store transaction documents
electronically and securely.

2 MEIs are unique alpha-numeric codes assigned to entities in the loan market
that improve accuracy in loan processing.

DTCC
Edward C. Kelleher, +1-212-855-5301
+1-917-647-7648 (cell)
Director, Corporate Communications
eckelleher@dtcc.com
or
Markit
Michael Gormley, +1-212-205-1310
Director, Corporate Communications
michael.gormley@markit.com
or
Teresa Chick, + 44 20 7260 2094
Managing Director, Corporate Communications
teresa.chick@markit.com

Copyright Business Wire 2009