Following the leader

Markit, the London-headquartered provider of daily consensus CDS pricing and ancillary services, started life in 2001 as part of TD Securities - an operating unit of Toronto-Dominion Bank - providing it with CDS pricing data. It was spun off from TD Securities during 2003, a move that coincided with a dozen investment banks taking a stake in the fledgling operation. Markit's model is simple: it collects bank-supplied CDS pricing data, 'homogenises' it, and then sells it on to its clients pro