About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

S&P, ICAP Ally to Add Trade Data to Evaluated Prices

Subscribe to our newsletter

Standard & Poor’s has teamed with interdealer broker ICAP to offer ICAP’s pricing data on a range of instruments via MasterFeed, its consolidated securities reference data and end-of-day pricing feed service. This will enable the data vendor to provide its clients with both trade data and evaluated prices via a single feed, says JR Rieger, vice president of global evaluations for S&P.

The relationship with ICAP is an important one for S&P customers, Rieger says, and is in line with S&P’s efforts to support the mark-to-market requirements of firms’ back offices as they seek to cope with the increas-ingly complex instruments their front offices put on the books and as regulatory scrutiny intensifies. “S&P Securities Evaluations provides opinions of value on 2.9 million securities,” he says. “But according to FASB accounting standards and the fair value measures, there are three levels of insight users of mark-to-market data need: trade data, valuations derived from observable inputs, and valuations derived from mathematical processes that don’t involve observable data.” ICAP’s data is trade-based – the first level of data. “S&P’s data is consistently available on 2.9 million instruments and is based on trade data and observable inputs – but is not necessarily trade data,” he continues. “As a result of the relationship we can provide both sets of data in one feed to enable users to validate the valuations they are using on a daily basis.”

The ICAP end-of-day pricing available in MasterFeed includes: Asian interest rate derivatives, credit derivatives and money markets; European credit derivatives, money markets, fixed income and interest rate derivatives; Japanese government bonds; global foreign exchange; and US money markets, credit derivatives and interest rate derivatives. Says Kevin Taylor, director of business development, North America for ICAP Information Services: “Right now, the information we are providing to S&P encompasses all our global centres and asset classes. Being an interdealer broker there are always new instruments coming on board, and we will be happy to add data on those to the feed we provide to S&P.”

ICAP is collecting data from its 24 centres globally and delivering it through a single market data feed backbone in a single delivery via FTP to S&P, which integrates the data into its MasterFeed, Taylor says. Rieger adds: “We will offer the ICAP data in exactly the same format as the rest of our data. Clients need to check a box in their agreements to entitle them to receive the data.”
Taylor explains that ICAP’s market data division develops solutions as a by-product of its global broking activity. “Providing our end-of-day mark to market service through S&P enables us to meet the requirement we hear from a lot of our customers for a single venue for prices,” he says. Traditionally, ICAP’s market data business has been well-known in the real-time space, he continues. “The back office is an area we have recently explored. While this is not an exclusive deal, it is a natural fit, and is certainly the relationship on which we are focusing currently.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: How to optimise SaaS data management solutions

Software-as-a-Service (SaaS) data management solutions go hand-in-hand with cloud technology, delivering not only SaaS benefits of agility, a reduced on-premise footprint and access to third-party expertise, but also the fast data delivery, productivity and efficiency gains provided by the cloud. This webinar will focus on the essentials of SaaS data management, including practical guidance on...

BLOG

Bloomberg Escalates Collaboration to Extend Customer Access to Cloud Data

Bloomberg continues to invest in the cloud and meet its mission of providing efficient access to data in the cloud through a collaboration with Databricks, a data and AI company, that allows mutual customers to access Bloomberg’s data offerings using Data License and its cloud-based data management solution Data License Plus (DL+). Databricks, Google Cloud...

EVENT

TradingTech Summit London

Now in its 13th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Institutional Digital Assets Handbook 2023

After initial hesitancy, interest in digital assets from institutional market participants has grown over the past three to four years. Early focus inevitably centred on the market opportunities presented by bitcoin and other cryptocurrencies. But this has evolved into a broad acceptance of a potentially meaningful role for digital assets in institutional markets. It’s now...