How Markit turned from a camera to an engine

Markit collates data from banks on trade flows and prices in the over-the-counter credit world, and sells it back to the market, mostly for valuation purposes.

Markit’s appearance triggered an evolutionary leap, creating a more structured tribe. As it started gathering trade data from different banks and calculating average prices, it enabled the creation of communal benchmarks, which turned into indices, such as iTraxx, CDX or ABX.