Aiming to create what it calls "a single family of global indices," Markit has acquired International Index Co. and agreed to acquire CDS IndexCo, in what will be the biggest and most important acquisition the company has made to date, according to Kevin Gould, executive vice president at Markit.
The goal is to combine best practices under one platform, including one brand, one set of rules to trade, one delivery system and one standard contract. Having all the indices under one roof will increase market transparency, Gould said. However, the move is not the result of the pricing dislocation in the market. The company had been in talks with CDS IndexCo and International Index Co. before the onset of the credit crisis, Gould said. The deal with CDS IndexCo was expected to close at the end of last week.