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ISDA Approves BGC Partners’ Swaps Pages as Pricing References
The International Swaps and Derivative Association (ISDA) has formally recognised interdealer broker BGC Partners’ euro interest rate swap (EUR) and US dollar (USD) interest rate swap pages as price references. The pages will be snapshots of real-time BGC screens taken at a predetermined time daily. ISDA documentation governs the terms to confirm, mark, assign and…
UK FSA Criticises Industry for Inadequate Controls in Valuation Processing
Firms’ valuation processes are becoming increasingly stretched and in some cases are “materially flawed or inadequate”, according to the UK Financial Services Authority (FSA). In an open letter to the CEOs of banks and investment firms, FSA chief executive Hector Sants has criticised the lack of due care and attention being given to the area…
Interactive Data Adds Access to Original Fund Prospectuses to PrimeTerminal
Interactive Data Corporation’s Managed Solutions group has enhanced its financial market terminal, PrimeTerminal Professional Edition, by adding access to original fund prospectuses as an optional service for more than 20,000 funds from various European markets. As a result of Interactive Data’s collaboration with Austrian funds data supplier Boersensoftware und Datenbankservice and Italian funds data supplier…
CMA Releases New Version of DataVision with Enhanced Curve Modelling
Credit information specialist CMA has released a new version of its same day price verification service for the OTC credit derivatives market, DataVision. According to CMA, DataVision 2.1 includes enhanced curve modelling and an expanded data set. DataVision provides portfolio and risk managers with independent price verification for CDS, indices and tranches based on a…
Lack of Single Source of Data on Pricing of Credit Derivatives Poses Problem for Clearing House Plan
Following the recent discussions about the launch of a possible central clearing house for credit derivatives later this year, a number of related concerns have been raised in the market. Not least of these is the lack of a single, reliable source for reference pricing data. Although there are a number of derivatives pricing vendors…
OTC Val Expands Derivatives Coverage to Synthetic and Bespoke Products to Meet Growing Client Demand
OTC Valuations (OTC Val), a provider of independent derivatives valuation and risk reports for structured products and exotic derivatives, has expanded its derivatives coverage for credit, inflation, equity, FX, and fixed income products. The vendor has increased its asset class coverage to meet client demands for both vanilla and complex derivatives pricing. OTC Val has…
Swift Talks up STaQS for Corporate Actions, Eyes up Tax Processing
Swift’s corporate actions message testing service, launched in April this year, has gained significant backing from the custodian community, says Max Mansur, senior product and markets manager at Swift. The Simulation Test and Qualification Service (STaQS) allows Swift’s customers to see how their usage of corporate action messages compares to market practice guidelines established by…
CM-CIC Asset Management Selects Pricing Partners for OTC Derivatives Valuations
French asset management group CM-CIC Asset Management has selected Pricing Partners’ pricing tool for OTC derivative products, Price-it Excel. According to the vendor, the asset manager’s department of quantitative research will rely on the Price-it Excel library to manage complex optional structures related to the creation of structured funds and to analyse the integral risks…
Thomson Reuters Down 54% as a Result of Merger Costs
The US$15.9 billion merger of Thomson Financial and Reuters earlier in the year has had a significant impact on the merged entity’s profits as well as on its staffing levels. Substantial integration costs have caused the media group and financial data provider’s second quarter profits to fall by 54%. At the time of the merger,…
Fidelity ActionsXchange Promotes Pollard to Head Operations
Fidelity ActionsXchange has appointed Laura Pollard as executive vice president and head of the company. Pollard will report to Larry Renfro, president of Fidelity Developing Businesses, a new division that comprises a number of growing businesses and strategic initiatives for the corporate actions processing vendor. Pollard, a 19-year Fidelity veteran, will lead all aspects of…