Interdealer broker Icap and Prism Valuation have finalised an agreement that will allow the valuations provider to use Icap data as the main underlying source of OTC information for its services. Although financial terms of the deal have not been disclosed, Icap has also become a minority shareholder in the vendor.
The data agreement between Icap’s market data division, Icap Information Services, and Prism Valuation covers a broad range of OTC data generated from the firm’s interdealer broker activities and will be used to assist in the valuation of complex structured products.
Antoine Kohler, managing director, Icap Information Services, explains why the broker decided to work with Prism: “Prism Valuation has considerable expertise with valuation solutions for OTC products and offers an independent service to effectively mark-to-market hard to value products.”
Greg Cripps, president and CEO of Prism Valuation, adds the vendor’s perspective on the deal: “Icap has a strong reputation as the benchmark in many OTC markets and we look forward to expanding our offering of independent valuation services using Icap’s data. We will continue to work closely with Icap to ensure we deliver to our customers the valuations and transparency they require to adapt to an increasingly regulated global business environment.”