Markit, a leading global diversified provider of financial information services has announced that it has agreed to acquire the Halifax House Price Index from Lloyds Banking Group.
Halifax has been publishing the index monthly since 1983 and will continue to do so on behalf of Markit.
As part of the transaction, Markit will acquire the index and all associated intellectual property. Markit will also become the index administrator. To ensure a smooth transition, the index name and methodology will remain unchanged when the transaction completes, which is expected later this year.
Stephen Noakes, managing director, retail customer products at Lloyds Banking Group, said: “We believe Markit is an ideal partner to take on the administration of the Halifax House Price Index given they are a globally renowned index provider. We already work successfully with Markit on the Lloyds Bank Regional Purchasing Managers’ Index.”
Markit will calculate and administer the Halifax House Price Index in compliance with the Iosco Principles for Financial Benchmarks, while Lloyds Banking Group will be the submitter to the Halifax House Price Index in compliance with the same principles.
Tim Sargent, managing director and global head of indices at Markit, said: “The Halifax House Price Index is a leading barometer of the UK’s property market. We look forward to compiling the index and working with the industry on opportunities to develop financial products based on the housing market.”
Markit is a leading independent provider of fixed income and macroeconomic indices, calculating more than 14,000 indices around the world. The company’s indices include the iBoxx fixed income index family and the Purchasing Managers’ Index™ (PMI™) series, which are used to track economic activity in over 30 countries.