Boston, MA 10/07/2014 (wallstreetpr) – Markit Ltd (NASDAQ:MRKT) had opened the week with two major developments, one being the change in its board of directors and the other is the launch of chat room management software. Following this development, RBC Capital initiated coverage on the diversified supplier of financial information. The research firm has put a price target of $26 on the company and has assigned ‘sector perform’ rating for it.
Board Of Directors
Firstly, Markit Ltd (NASDAQ:MRKT) informed the investors of appointment of Edwin Cass as a Class III director on the board. The appointment was after by the resignation of Zar Amrolia, who was a class II director, and replaced by Timothy Ryan. Both the changes are effective from October 2, 2014, while the total number of directors remains unchanged to 12. It is to be noted that Mr. Cass has been nominated by the Canada Pension Plan Investment Board (CPP Investment Board). The nomination comes pursuant to the Board’s right to name one Class III director to the company’s board. Currently, Mr. Cass occupies the role of Senior Managing Director and Chief Investment Strategist at the CPP Investment Board and is handed with the task to oversee fund level investment strategy.
Chat Room Software
Other than naming a new director, the company said that it has launched a new chat room software. It will facilitate banks as well as several other financial companies to take control of the chat room content. At the same time, it will ensure complete information security. All the chat rooms created through the use of the software will be linked to the company’s open Collaboration Services network. Moreover, these chat rooms will then be available to financial market professionals, who could access the same using a number of messaging techniques. Also, the software will assist the companies to verify the identity of chat participants throughout the session.
