SuperDerivatives, the benchmark for derivatives, has been chosen by PricewaterhouseCoopers Audit, s.r.o. ("PwC"), a member firm of the PricewaterhouseCoopers global network of leading professional services organisations, to assist in providing derivatives revaluation audits for clients across Central and Eastern Europe ("CEE").
There has been a steady growth in demand from accountancy firms in the CEE region for accurate, real-time revaluation of derivatives structures associated with clients' portfolios, as the area's economy has undergone rapid growth over the last decade.
Poland's GDP alone grew by 6.5% during 2007, outpacing any Western nation. In addition, introduction of regulatory framework has reduced risk and allowed the derivatives marketplace in the region to mature.
PwC will be using SuperDerivatives' revaluation service to support auditing activities across the CEE region. SuperDerivatives' unique SD-Revaluation service will provide highly accurate revaluations, enabling PwC to check clients' compliance with accounting regulations such as FAS 133 and IAS 39.
The service provides unsurpassed coverage for an extremely broad range of vanilla and advanced instruments, and is unparalleled in the markets and currencies it supports.
SuperDerivatives provides real-time, accurate pricing for all derivatives structures through its unique, universal pricing model, which has become the world's benchmark for option pricing, including currencies, commodities, interest rates and equities.
The combination of award-winning market data for derivatives and modelling that reflects real market prices for options helps banks and corporates manage risk and enhance profit.
Paul Facer, Director, Assurance, PricewaterhouseCoopers Audit, s.r.o., comments: "In the current volatile marketplace, accurate revaluation of OTC derivatives is one of the top concerns of our clients. Loss of funds as a result of inaccurate pricing can have a massively adverse effect on the value of a company's portfolio.
"When considering a solution for derivatives revaluation, SuperDerivatives' service stood apart for its very wide coverage of a broad range of vanilla and advanced financial instruments. This allows us to respond to the challenges brought about by the inccreasingly complex portfolios of our clients in the CEE region, thereby enhancing the quality of our auditing."
David Gershon, CEO, SuperDerivatives, comments: "In the current market conditions, the need for effective revaluations of complex portfolios is critical.
"PwC recognises the need to provide investors and regulators with the best quality of information and assurance. The use of our services by a leading auditor is further evidence of the need in the market for timely and reliable valuations."