Markit has announced that its Markit Commission Manager platform, designed to assist buy-side firms manage and allocate commission credits across multiple sell-side institutions, is now available in Europe.
This follows the roll out of the service in the US in October 2011. Since the launch, over 40 buy-side institutions have joined the platform, according to Markit.
BofA Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan and Morgan Stanley partnered with Markit on the development of the platform and are participating in Markit Commission Manager in Europe. Five other sell-side institutions, including Liquidnet, Sanford C. Bernstein and UBS, are also sell-side customers of the platform.
Markit Commission Manager, which is available to both buy-side and sell-side firms, enables the buy side to maintain credits with their brokers and use these credits to pay for research, execution services, and other permissible third-party services.
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