Interactive Data Corporation, a provider of financial market data, analytics and related solutions, today announced that it now offers an innovative client management and compliance oversight tool, which is designed to provide audit trails and compliance reports for a firm’s pricing challenge process. This new, easy to use web-based challenge portal can increase client workflow efficiency by centralising information and generating management reports, as well as improving the turnaround time of challenges. The portal can also provide clients with additional transparency to the overall challenge process.
With increasing focus on the oversight of the valuation process and the need for rigorous reporting procedures, the new challenge portal enables Interactive Data’s clients to centralise their interactions with Interactive Data and other pricing vendors. Interactive Data has recently developed an API (application programming interface) that enables clients to further customise the portal for use with their internal systems, and supports the development of a centralised repository and functionality for all client challenges, including those directed to other third party vendors.
At any point in the day, clients have the ability to enter one or multiple evaluated pricing challenges directly through the portal, track existing challenges and monitor progress through the use of various report generation options, without having to contact Interactive Data’s client service team. Interactive Data’s innovative technology helps verify and validate information inputs, such as security identifiers, and functionality has been created to import and download information using Microsoft Excel spreadsheets, widely used in the financial services industry.
Client challenges are categorised into several levels based on the amount and type of information provided, and those challenges that include market information are prioritised for review. Clients receive instantaneous feedback on the challenge level and the expected turnaround times based on the amount of information provided. Email alerts are delivered upon the initiation and completion of a service request. The portal enables Interactive Data’s teams of evaluators to more quickly incorporate new and relevant market information to further enhance the evaluation process. The portal also helps to identify evaluation challenge trends and provides more transparency into the evaluation process.
“The increase in volatility and wider bid-ask spreads for certain asset classes post Lehman has led to an increase in price challenges,” said Liz Duggan, Interactive Data’s managing director, Global Evaluations. “Clients were overwhelmed by the volume of evaluation price challenges that they needed to process, track and resolve. We have created a tool to address the administrative pain that they were experiencing.”
“The challenge portal will assist firms with a key part of the oversight function by providing them with a more efficient process of initiating and tracking evaluated pricing inquiries,” added Duggan. “Through the challenge portal, clients can demonstrate to auditors and their compliance teams a centralised process, an audit trail and management reports.”
The challenge portal is supported by Interactive Data’s highly rated client service organisation and is offered at no extra cost to clients worldwide as part of the evaluated pricing service.
This new tool is one of several recent offerings and enhancements to Interactive Data’s evaluated pricing services. Other recent additions include extended coverage, the publication of a daily market commentary for US securities, and new daily tolerance reports for US municipal securities and international corporate and sovereign securities, that complement similar reports available for US corporate and convertible bonds.