Grant Thornton selects SuperDerivatives platform for MiFID

Source: SuperDerivatives

SuperDerivatives, the benchmark for options and the leading provider of option pricing, independent revaluation, trading and risk management systems, announced today that Grant Thornton Greece has licensed a comprehensive solution suite composed of all SuperDerivatives option pricing and analytics platforms.

These will serve as the basis for the firm's audit work surrounding IAS39, IFRS 7and UCITS III and in preparation for the pan-European MiFID regulations. Grant Thornton Greece will use the SuperDerivatives' benchmark prices for options as a proxy for the MiFID best execution price for tailored derivatives and to achieve the best possible accuracy in its audit work across all types of options and asset classes.

Grant Thornton is one of the leading accounting, consulting and professional services firms, serving numerous public companies. The firm uses SuperDerivatives' platforms for external independent verification of the portfolios of its audit clients. Grant Thornton Greece decided to standardize its options auditing activities on SuperDerivatives across all derivatives in order to provide top quality service to its clients and to assure strict compliance with global accounting and auditing standards that demand fair value valuation of derivative instruments.

Vassilis Kazas, Managing Partner of Grant Thornton in Greece says: "While the SuperDerivatives suite made our auditors a lot more productive, its main value is that it allows us to strictly adhere to accounting and auditing regulations demanding independent 'fair market value' reporting. The SuperDerivatives platforms have proved more comprehensive and superior to all other partial methods we considered. The SuperDerivatives tools are very sophisticated, highly intuitive and provide our auditors with an all-inclusive independent solution which offers built-in verified market data and an easy way to mark-to-market any type of option, both in real-time and from any previous date."

"Our clients are preparing in earnest for the upcoming MiFID regulation that requires firms to ensure 'best execution' of all transactions. The SuperDerivatives platforms are an ideal solution for ensuring consistent best execution of OTC option trades, as they accurately and consistently reflect the consensus price in the inter-bank brokered market," concludes Kazas.

Ed Crouch, Global Head of Corporate Development and Strategy at SuperDerivatives comments: "The leading global auditing, accounting and consulting firms all over the world have chosen the SuperDerivatives platform as an integral component for comprehensive conformance with standards and regulations such as IAS39, IFRS7, FAS133, FAS157 and MiFID. SuperDerivatives platforms are the only ones that provide the same accurate prices for both real-time trading and mark-to-market reporting, adhering to both the letter and spirit of existing and emerging regulations for determining the fair value of derivative portfolios. We are delighted to be working with Grant Thornton Greece, and their numerous clients, to provide the most effective way to present the true market value of advanced options and structures."

SuperDerivatives' products, including real-time pricing and analytics systems, risk management systems, portfolio revaluation services, options market data portal and online trading capabilities, are used by numerous companies from both the buy and sell side organizations. Its pricing platforms are used by almost all the banks around the world that are active in options, as well as by numerous corporations, asset managers, hedge funds, auditors and central banks.

SuperDerivatives' benchmark option pricing model is the only publicly available model used daily by thousands of practitioners globally for deriving live tradable prices. The model's accuracy in generating real market prices for all types of derivatives has been empirically proven and validated continuously for several years.

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