Back to Basics
We take you back to the credit basics to review everything you thought you already knew but were too afraid to ask... Sophia Kandylaki, vice-president, and Penny Davenport, director of Markit Group, explain the mechanics of reference data for CDS contracts
Markit Red (Reference Entity Database) is a utility used by the credit default swap (CDS) market to confirm the legal relationship between reference entities and their associated reference obligations, together known as 'pairs'. Red 'pair clips' identify the reference entity, the reference obligation, and the relationship between the two with a unique nine-digit code. Since June 30, 2005, dealers have been able to electronically match trades on the Depository Trust & Clearing Corp's clearing
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