
Uggla has pushed technology innovation since he co-founded Markit to be a source — eventually the dominant one — of definitive prices for credit derivatives. Spun out of TD Bank Financial Group in 2003, London- and New York–based Markit grew in tandem with the popularity of credit default swaps and, when they became a regulatory concern, worked with Depository Trust & Clearing Corp. and other infrastructure bodies on risk-mitigating solutions.
Yet derivatives-related data is just 15 percent of Markit’s business, says the London-based Uggla, 48. He believes the company can expand significantly by enhancing transparency across asset classes, as in a May initiative to report equity volumes on European trade crossing systems, and efficiency in post-trade processing. Profitable through the downturn, Markit got a vote of confidence in January when private equity firm General Atlantic took a 7.5 percent stake that valued the company at $3 billion.
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