S&P Global is expanding its LoanX ID system to cover private credit instruments in a bid to help standardise private credit identification.
The ID system, which already covers around 70,000 broadly syndicated loans and credit instruments, aims to enhance operational efficiency across private credit markets, S&P said.
Read more: Private credit growth has led to ‘fragmented technological landscape’
“The expansion of private credit and the emergence of secondary trading necessitates common identifiers,” said Saugata Saha, president, S&P Global Market Intelligence at S&P Global.
“With the extension of LXIDs to private credit instruments, market participants can finally leverage industry-standard methods to identify instruments, allocate risk and effectively settle between counterparties, achieving the efficiency and trust S&P Global has long brought to public markets.”
Read more: European private credit market ‘has potential to rival US’
S&P offers a range of other solutions for private markets, including offering private company data, valuations, risk analytics and portfolio management software.
Read more: Retail investors will drive 50pc of private market flows by 2027
