It’s difficult knowing what to write about Markit EDM that hasn’t already appeared in Buy-Side Technology and Waters. After all, the London-based vendor—known as Cadis until early 2012 when it joined the Markit stable, ending months of speculation surrounding the identity of its acquisitor—has earned its fair share of coverage by winning this category each year since the BST Awards were unveiled back in 2007. Markit EDM shares its blemish-fresh record with Rimes Technologies, although its pedigree is marginally more impressive, given that it also bagged the product of the year category in 2010 and played a crucial role in landing the big one—the best overall technology provider category, which it did in 2012, assisted by its sibling offerings, Markit Pricing Data for CDS, Markit Portfolio Valuations Services, and Markit Trade EQM.
In past years, Markit EDM has dominated this category to the extent that no other short-listed provider garnered so much as a single vote. But that’s not the case this year. One provider in particular, Rimes Technologies, appears to be slowly chipping away at Markit’s hegemony, given that this year’s edition was won by a margin of six votes to three.
That said, however, 2013 was another successful year for Markit EDM, given that the vendor signed a staggering 40 new customers since this time last year, taking its total client numbers past the magical 100 figure. The platform’s clients now number 102, many of whom are household names, both in its traditional UK stronghold and also that of the US. Of those 40 new clients, 22 are already live on the Markit EDM platform, a centralized data hub, designed to manage all data types and formats, bringing together data users and owners by delivering data in the various formats required by end-users. It’s a patently simple, yet hugely successful and lucrative business model, underpinned by technology that nobody really needs to understand, so long as it does what it’s supposed to. And it does that in spades.
Market unveiled Markit EDM Version 9 in May 2013, which addresses ever-present data processing/volume challenges through the incorporation of new data-flow components, thereby improving its trade-processing capacity to an astonishing 720 million trades per hour, or 201,000 trades per second.
“The year 2013 has been an exceptional one for Markit EDM. We’ve been extremely fortunate to win the Buy-Side Technology awards year on year. When the Awards were in their infancy, data management was viewed as a nice-to-have. Now it’s essential to running streamlined, efficient and compliant operations. This sea-change is demonstrated by the number of client wins we’ve had on the buy and sell sides.”
—Daniel Simpson, managing director and head of enterprise software, Markit
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