Reuters: Financial Services and Real Estate: Markit buys Cadis to tap regulatory data demand

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Markit buys Cadis to tap regulatory data demand May 9th 2012, 14:55 By Luke Jeffs LONDON | Wed May 9, 2012 10:55am EDT LONDON May 9 (Reuters) - Financial data firm Markit is buying specialist data software supplier Cadis to tap growing demand for systems to help investment banks cope with a tidal wave of regulation sweeping the sector. "Data management is top of just about every financial institution's agenda; the scale and complexity of the data they are managing have never been greater," said Lance Uggla, Chief Executive of Markit. Markit said the move came as financial institutions beef up their systems to reduce risk and comply with regulations such as Dodd-Frank, Basel III and Solvency II. Financial details of the transaction with Cadis, which was founded in 2007 and is currently owned by employees and private investors, were not disclosed. The deal is Markit's first move into specialist data management systems and comes just a month after it bought Data Explorers to enter the $12 trillion securities lending business. U.S-based Markit acquired Data Explorers from private equity firm Bowmark Capital at the start of April for an undisclosed sum to tap increasing demand from financial firms to borrow stock to meet regulatory requirements for more collateral. (Editing by David Cowell)

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