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Rate Validation Services launches trade evidenced data service

30 June 2014  |  2080 views  |  0 Source: Rates Validation Services

Rate Validation Services Pty Ltd, a leading provider of Benchmark software and services, today announced the launch of a trade evidenced data service. Clients of its Creator service have access to a contributed consensus, adjusted by executed transaction data. Underpinning the service is an industry-led governance framework.

In accordance with the latest financial regulation, industry recommendations and IOSCO Principles for Financial Benchmarks, RVS has pioneered the use of transaction evidence, combined with a coherent and disciplined approach to governance. The trade evidence surface is the product of a process that captures over-the-counter (OTC) derivative trades, cleanses, refines, processes and incorporates them into the consensus contributions to provide a trade evidenced rate set. This unique service provides more accurate and timely data to institutions faced with the challenge of prudential portfolio valuation. With the significant reduction in time, cost, and discrepancies in reporting, the resulting valuation is of much higher quality and complies with the new standards.

Lachlan Elmer, Chief Executive of Rate Validation Services, said: "Accuracy and transparency are key drivers to ensuring the integrity of valuations. Our institutional users are focused on getting the most accurate data possible. For the first time, banks have access to rate sets evidenced by transactions executed by all players in the market. Our market leading service delivers greater transparency and observability to the banks. This initiative is the first evidence- based solution that demonstrates that the finance industry is responding to regulators and best practices to provide better reporting and controls."

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