OTC Val Adds Valuation Capabilities for Hard to Value MBS and ABS Securities
OTC Valuations (OTC Val) has increased its valuation capabilities of illiquid mortgage backed securities, commercial paper, collateralised debt obligations, and other asset backed products. Bob Sangha, managing director at the vendor, explains that as well as providing a price, OTC Val is also focused on providing data on the modelling behind the price for these...
Interactive Data Completes Acquisition of 79% of NTT Data Financial for US$25.8m
Following the announcement of its intention to buy 79% of NTT Data Financial Corporation (NDF) in November, Interactive Data Corporation has finally announced the initial closing of its acquisition. The vendor paid approximately 2.4 billion yen, or approximately US$25.8 million based on current foreign exchange rates, in cash to acquire 79% of NDF, of which...
Widespread Failure of the Gaussian Copula Valuation Model is at Root of Credit Turmoil, Says Quantifi Survey
There has been a widespread failure of the Gaussian copula valuation model in the credit derivatives market, according to a recent survey by analytics and risk management solution provider Quantifi. Rohan Douglas, CEO of the vendor, explains that the failure of the standard one factor models that are widely used to price synthetic collateralised debt...
Xtrakter Launches Mark-to-Market Valuation Service
Xtrakter has launched a new mark to market valuation service, dubbed XM2M, which it says is the first in a series of new tailored information offerings from the firm. XM2M is aimed at providing interdealer brokers and market makers with fixed income market prices, both traded and quoted, to assist them in determining the market...
Standard & Poor’s Index Services Selects Interactive Data for Commercial Paper Valuations
Standard & Poor’s Index Services has selected Interactive Data’s Pricing and Reference Data business to provide daily independent evaluations of commercial paper issues for its recently launched S&P US Commercial Paper Index. Interactive Data’s offering was selected because it provided coverage for the comprehensive collection of securities which comprise the index, says James Rieger, vice...
Prime Source and Pricing Partners Join Forces for Valuations Offerings
Following its selection of Asset Control’s AC Plus earlier this month, NYSE Euronext’s valuations service subsidiary, Prime Source, has announced a partnership with Paris-based Pricing Partners under which the firms will combine their valuations offerings. The valuations vendors hope that the agreement will allow them to extend their instrument and global coverage. Pricing Partners’ focus...
Mark-to-Market Could be Here to Stay Says SEC, While Cox Talks up Best Practices
The Securities and Exchange Commission (SEC) is likely to refine the application of mark-to-market accounting rules rather than replace them, according to recent market reports. The regulator is currently engaged in a study of the rules, which it must send to Congress by 2 January. SEC chairman Christopher Cox spoke about some of its findings...
SuperDerivatives Claims a 250% Increase in Demand for Valuations Services
Despite the downturn in the market, derivatives valuations provider SuperDerivatives claims it has experienced a 250% increase in demand for its services over the past year. The vendor says there has been an increase in customer acquisition and sales over the past year as more institutions adopt third party evaluation as best practice. According to...
Markit’s Valuations Business Reports 114% Increase in Pre-tax Profits for 2007
Markit Group’s pre-tax profits for its derivatives valuations business over 2007 experienced an increase of 114% on the previous year. Overall profits for the firm as a whole rose by 47% on the previous year’s figures, according to its full year report. The vendor has been focusing its attention on this valuations business over 2008...
BlueBay Portfolio Manager Resigns Following Valuations Breach
BlueBay Asset Management has indicated that the portfolio manager of its Emerging Market Total Return fund, Simon Treacher, has resigned following a “breach of internal valuation policy”. The fund management firm has also made the decision to close the fund as a result of the current market conditions but it stressed that this action was...