Access verified reference entity data for CDS
Confirming CDS trades with accurate data is essential for managing market risk and maintaining operational efficiency. Historically, firms have used many operational and legal resources to manually confirm CDS reference data while trying to avoid trade breaks with their counterparties.
The Reference Entity Data (RED) for CDS service confirms the relationship between a reference entity and a reference obligation, as well as corporate actions, CDS succession events and credit events. The service also provides verified index and constituent information for credit indices, including updated weighting and index factors upon a credit event.
Unique alphanumeric RED codes are assigned to all reference entities and reference obligations and are also mapped to LEI and MiFID II ISIN and metadata. RED codes are used to confirm trades on MarkitSERV and other trade matching and clearing platforms, facilitating straight-through processing. Counterparties can rapidly agree on transactions and have confidence in the integrity of the underlying CDS reference data.
Why IHS Markit?RED for CDS factsheet