Reference Entity Data (RED), originated from IHS Markit, offers verified global CDS reference data to support trading, risk management and regulatory compliance.

• CDS reference data, including information on entities, obligations, corporate actions and credit events. We offer validated CDS reference data to support confirmations of CDS trades and to help reduce the risk of trade breaks with counterparties. We confirm the legal relationship between a reference entity and a reference obligation using CDS Reference Entity Identifiers (RED codes).
• Regularly released corporate event summaries detail associated debt movements, as well as corporate actions, CDS succession events and credit events.
• Verified index and constituent information for credit indices, as well as updated weighting and index factors as needed when a credit event occurs on an index constituent.

Unique alphanumeric RED codes are assigned to reference entities and reference obligations and are used to confirm trades on MarkitSERV and other trade matching and clearing platforms. The DTCC mandates the use of RED index codes for all CDS index trade confirmations. In 2014, ISDA appointed the RED service to be the administrator for the Standard Reference Obligation and package observable bonds. We also administer European Loan CDS continuity procedures and the Syndicated Secured List (SSL) polling processes. RED LCDS codes are assigned to reference entities, reference credit agreements and line rankings.