ICICI Bank Selects Markit CDS Pricing To Improve Risk

Markit, the leading provider of independent data, portfolio valuations and OTC derivatives trade processing to the global financial markets, today announced that ICICI Bank, India''s second largest bank with assets of over USD 79 billion, has subscribed to its Credit Default Swap (CDS) pricing service.Under the terms of this agreement, ICICI Bank will receive Markit''s daily CDS pricing to assist in the bank''s management of credit risk, particularly in the complex arena of structured credit. Markit provides mark-to-market CDS pricing on around 3,300 CDS entity-tiers of debt drawn from daily price contributions from 85 dealing firms.