Fair Value Has Been Defined (Sort of), But What is Going on with the Harmonisation Agenda?
Last month, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) got together to hammer out a final definition for the term ‘fair value’. They agreed that it means an “exit price” in most markets, but in illiquid markets or those that are less active this involves the consideration of a...
Many US Firms Getting Ready Early for XBRL and Considering its Use in the Wider Data Context, Says XBRL US Survey
Many US firms are taking action to get ready early for the introduction of XBRL tags for financial statements later this year, according to a recent survey by the American Institute of Certified Public Accountants (AICPA) and standards body XBRL US. A total of 73% of the 215 respondents had already begun their testing for...
Fortis Prime Fund Solutions Opts for SuperDerivatives’ Reval for Revaluations
Valuations solution vendor SuperDerivatives has bagged its second client of the year in the form of custodian and fund administrator Fortis Prime Fund Solutions, which has opted for the vendor’s revaluation service to source pricing for illiquid and complex derivatives. According to Amod Kumar, global head of strategy, business improvement and control at Fortis, the...
Fiserv Overall Revenues Improve in Fourth Quarter, But Financial Segment is Down 4% for 2009
After a difficult third quarter, Fiserv has indicated that its overall financial prospects picked up in the fourth quarter of 2009, with a 2% increase in net revenue on the previous year’s figures at US$1.01 billion. This means that the vendor’s total adjusted revenue for the year was down 1% on 2008, from US$3.89 billion...
Pricing Partners Launches Price-it VaR
Pricing Partners announced the release of a new module providing value at risk (VaR) and stress tests calculations today. With the recent unpredictable market movements, the accurate calculation of VaR, risks and stress tests on complex products has become a crucial issue for banks, risk control departments, asset managers and hedge funds. This new module,...
Icap and Fincad Add CVA to Fair Value Insight
Icap, interdealer broker and provider of post trade services, and Fincad, a provider of financial analytics, announced today the addition of Credit Value Adjustment (CVA) to Fair Value Insight. Credit valuation adjustments are required to meet fair value and mark-to-market regulatory requirements (FAS 157/IFRS 7). Fair Value Insight now includes the ability to calculate CVA...
Columbus Avenue Consulting is First Client for SunGard’s Revamped FastVal Solution
Following SunGard’s upgrade of the technology platform underlying FastVal last year, SunGard has netted its first client of 2010 for the valuations solution in the form of global fund administrator Columbus Avenue Consulting. The firm, which is focused exclusively on the hedge fund market, is the first client to go live on version 3.0 of...
Sophis Promotes Simiu to Sales Manager for France, Belgium, the Netherlands and North Africa
Following last week’s appointment of ex-asset manager Marc Bothwell to its product development team, risk management and valuations solution vendor Sophis has promoted another exec, Edgar Simiu, to strengthen its sales efforts in key European markets and new markets in North Africa. Simiu, who is currently a professional services manager for the vendor’s valuations solution,...
Merchant Capital Selects Kinetic Partners for Risk Management and Valuation
Merchant Capital’s UCITS III platform for hedge fund managers has appointed Kinetic Partners to manage risk management systems across the entire platform. Merchant Capital enables asset managers to quickly and efficiently launch UCITS compliant investment vehicles to the European market. Funds using the platform take approximately four to six weeks to launch, a process that...
SEC’s Proposed Revisions to Money Market NAV Reporting Could Pose Significant Data Challenge
This week the US Securities and Exchange Commission (SEC) has added another set of proposals to its regulatory to do list, this time in the form of new reporting requirements for money market funds. The rules, should they be passed, would require these funds to regularly report their net asset value (NAV) to the regulator,...