7 Chord Launches Strategic Data Partnership with IHS Markit to Pave the Way for BondDroid Asset Class Coverage Expansion in 2021
BROOKLYN, N.Y., Feb. 8, 2021 /PRNewswire/ -- 7 Chord Inc, an independent provider of predictive pricing and analytics, today announced a strategic data partnership with IHS Markit (NYSE: INFO), a world leader in critical information, analytics, and solutions, enabling BondDroid, 7 Chord's award-winning customizable AI engine, to consume IHS Markit's reference data for fixed income instruments.
This partnership paves the way for a significant expansion of the bond universe covered by BondDroid Cloud, the firm's real-time pricing service, in 2021. BondDroid Cloud currently prices 34,000 debt securities and streams minute-by-minute predictive price updates on more than 18,300 global high grade, high yield, and emerging markets sovereign bonds.
"BondDroid's flexible architecture puts 7 Chord in a unique position to partner with a variety of firms that enjoy an informational advantage, including trading venues, asset managers, dealers and information providers, such as IHS Markit," said Kristina Fan, Founder, and CEO of 7 Chord Inc.
Optimized for the live trading environment, BondDroid can be installed behind the client's firewall as a customizable software package that extracts highly accurate pricing signals from public, vendor, and proprietary data without it ever leaving a client's corporate environment. 7 Chord also offers BondDroid Cloud, a managed and hosted version of BondDroid that uses its own computing power and datasets curated by its data science team.
IHS Markit's timely reference data for newly-issued bonds enables BondDroid Cloud to generate pricing signals before a bond starts trading in the secondary market for approximately 93% of the bond issues within its universe criteria.
"By combining our market-leading fixed income reference data with BondDroid's predictive pricing intelligence, we are enabling bond traders to gain a competitive advantage in the secondary market based on real-time signals identified across a range of corporate and sovereign bonds," said Andrew Rogers, Head of Alliance Partner Strategy for Pricing, Valuations and Reference Data at IHS Markit.
7 Chord also leverages IHS Markit's US Treasury bond reference data for its proprietary T-benchmark selection algorithm that closely tracks the industry consensus and considers the instruments' embedded optionality features.
About 7 Chord (www.7-chord.com)
7 Chord, Inc. is an independent provider of predictive pricing and analytics in Brooklyn, NY. BondDroid(®), its award-winning proprietary AI engine, empowers bond traders and investors with real-time predictive pricing and signals, as well as highly accurate evaluated pricing. Optimized for the live trading environment, BondDroid Auto-Pricer can be installed as a customizable software package that extracts signals from a public, vendor, and client's proprietary data without it ever leaving their corporate environment. Don't want to manage AI in-house? 7 Chord offers a cloud solution that streams prices and signals while leveraging 7 Chord's computing power and curated data sources.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics, and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics, and solutions to customers in business, finance, and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world's leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
Press Contacts
7 Chord Inc
Kristina Fan | press@7-chord.com | +1 917-930-1974
IHS Markit
Timothy Barello | timothy.barello@ihsmarkit.com | +1 646 679 3463
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SOURCE 7 Chord Inc
