Markit extends KY3P™ community with new customer wins

Industry appetite to know your third party driven by regulatory and cybersecurity concerns

LONDON & NEW YORK & SINGAPORE--()--Markit (Nasdaq:MRKT), a leading global provider of financial information services, today announced it has secured new customer wins for its Know Your Third Party (KY3P™) platform. They include BlueBay Asset Management, Luxoft, a provider of software development services, and Loomis, Sayles & Company.

“KY3P is an exciting proposition as it could provide huge benefits to our firm. It can enable us to be more efficient, get the answers we need as quickly as possible and provide greater coverage over our third parties.”

KY3P enables organisations to simplify and standardise third party risk management processes with a focus on vendor due diligence and ongoing monitoring. Through the centralised data hub, banks, buyside firms and third parties can remove duplicative processes, manage due diligence information and effectively manage and respond to industry events such as cybersecurity threats.

“Conducting due diligence and third party risk management across all of our current third parties is extremely resource and time intensive,” said Will Manfield, head of operational risk at BlueBay Asset Management. “KY3P is an exciting proposition as it could provide huge benefits to our firm. It can enable us to be more efficient, get the answers we need as quickly as possible and provide greater coverage over our third parties.”

“We selected KY3P as it provides a unique streamlined onboarding process and offers access to a broader range of financial services clients,” said Eugene Dovgii, senior account director, Luxoft. “KY3P will greatly help us to reduce the due diligence burden, decrease presale efforts and accelerate turnaround time through a more standardised and structured process.”

“Due diligence and ongoing oversight of third party service providers continues to increase in both importance and complexity, especially in the context of cybersecurity,” said Don Ryan, chief compliance officer for Loomis, Sayles & Company. “KY3P will allow us to more efficiently gather and track vendor information through standardised questionnaires, control reports and significant event notifications. The centralised data hub will allow us to store vendor information in a single location. KY3P should really be a no brainer for vendors and their clients."

“The demand for third party risk management has never been greater especially amongst banks and asset management firms as they look to adhere to regulatory guidelines and cybersecurity concerns,” said Gina Ghent, managing director, head of KY3P at Markit. “Vendors and third parties are facing a similar pressure as they struggle to respond to a higher standard and multiple questionnaires in various formats. Since the launch of KY3P, we have seen a tremendous uptake by all types of organisations looking to manage third party risk. We are looking forward to building out our community as we continue to experience high demand for our service.”

Notes to Editors

About Markit

Markit is a leading global provider of financial information services. We provide products that enhance transparency, reduce risk and improve operational efficiency. Our customers include banks, hedge funds, asset managers, central banks, regulators, auditors, fund administrators and insurance companies. Founded in 2003, we employ over 4,000 people in 11 countries. Markit shares are listed on Nasdaq under the symbol MRKT. For more information, please see www.markit.com.

About BlueBay Asset Management

BlueBay is a specialist global fixed income asset manager. Headquartered in London with offices in the US, Japan, Hong Kong, Switzerland, Ireland and Luxembourg, managing approximately US$58 billion for institutions and high-net worth individuals (as at 30 September 2015). With a hedge fund heritage and by staying true to its specialist fixed income roots, the firm pioneers new investment strategies using a broad range of sub-asset class expertise, with a focus on capital preservation. The firm invests for clients across the fixed income spectrum on a global scale, from active long-only (benchmark aware) portfolios to hedge funds/private debt, in addition to blending investment styles and using a range of sophisticated tools in order to exploit all factors of return. BlueBay Asset Management LLP is wholly-owned by Royal Bank of Canada and part of the RBC asset management division, RBC Global Asset Management group of businesses. BlueBay Asset Management LLP is authorised and regulated by the Financial Conduct Authority.

About Loomis, Sayles & Company

Since 1926, Loomis, Sayles & Company, L.P. has served the investment needs of institutional and mutual fund clients. As performance-driven investors seeking exceptional opportunities, Loomis Sayles employs actively managed disciplines that combine fundamental research, systematic risk assessment and experienced portfolio management. This rich tradition has earned Loomis Sayles the trust and respect of clients worldwide, for whom it manages $229 billion in assets as of December 31, 2015.

About Luxoft

Luxoft Holding, Inc. (NYSE:LXFT) is a leading provider of software development services and innovative IT solutions to a global client base consisting primarily of large multinational corporations. Luxoft’s software development services consist of core and mission critical custom software development and support, product engineering and testing, and technology consulting. Luxoft’s solutions are based on its proprietary products and platforms that directly impact its clients’ business outcomes and efficiently deliver continuous innovation. The Company develops its solutions and delivers its services from 27 dedicated delivery centers worldwide. It has over 10,000 employees across 30 offices in 16 countries in North America, Mexico, Western and Eastern Europe, Asia Pacific, and South Africa. Luxoft is incorporated in Tortola, British Virgin Islands, has its operating headquarters office in Zug, Switzerland and is listed on the New York Stock Exchange. For more information, please visit http://www.luxoft.com.

Contacts

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