London-based hedge fund Cheyne Capital Management has signed a three year contract with Mark-it Partners for the daily supply of credit derivatives swap data.
Mark-it Partners says Cheyne Capital is the first asset manager to sign up to its daily credit pricing service, which was launched in Febraury 2003. The service uses data from twelve banks including Salomon Smith Barney, Merrill Lynch, Bank of America, Goldman Sachs and CSFB.
Under the terms of the agreement, Cheyne Capital will also integrate Mark-it's raw data set into its core systems in order to independently verify the daily valuation of certain credit portfolios.
John Weiss, portfolio manager, Cheyne Capital, says: "Mark-it provides us with an invaluable third-party price verification tool for traders' marks across the 450 or so credit curves we track."
Earlier this week, Mark-it Partners announced the addition of pricing data and an option on equity ownership in the company from UBS Warburg.