Interactive Data Corporation (NYSE: IDC), a leading provider of financial market data, analytics and related services, today announced that its Pricing and Reference Data business now offers additional informational resources to complement its fixed income evaluations services.
This information is aimed at providing clients with increased transparency into Interactive Data's evaluations. As part of its efforts to address evolving customer needs, the Company has also promoted Liz Duggan to chief operating officer, Evaluated Services.
The new informational resources, which are currently available at no additional charge to Interactive Data's existing clients, are designed to help clients better understand the Interactive Data evaluations and the impact that daily market conditions may have on these evaluations. These informational resources are also designed to help clients prepare for their obligations under Financial Accounting Standards Board's Statement of Financial Accounting Standards No. 157 ("FAS 157").
Interactive Data has introduced a daily market commentary that reflects activity in the U.S. fixed income markets as of mid-day. These market observations are delivered to clients via email at approximately 2:00 p.m. ET. The commentary is also scheduled to be available through Interactive Data's desktop service for clients in the first quarter of 2009.
Other informational resources now available to clients through Interactive Data's desktop service include the following:
- Evaluations Input Reports: Interactive Data offers Evaluations Input Reports that provide historical details on the market inputs for a selected sample of security evaluations. These reports are designed to provide clients with additional information for their fair value hierarchy determinations under FAS 157.
- Corporate Tolerance Report: This daily report available for U.S. corporate bonds and U.S. convertible bonds identifies all securities whose percentage change in evaluation from the previous day is equal to or greater than a predetermined tolerance level. This report can assist mutual fund clients in their daily review of evaluations.
- Municipal High-Yield Flat Evaluations and Broker-Quoted Securities Reports: Interactive Data provides access to current and historical lists of municipal high yield securities that the Company categorizes as "flat" because they do not move with the market and are not interest rate sensitive. On a daily basis, Interactive Data also compiles a list of broker-quoted U.S. corporate bonds, CMOs, ABSs, CDOs and CMBSs. Broker quotes are provided for certain securities when sufficient information is not available to produce an evaluation. Information is updated based on receipt of updated quotes from market makers or broker-dealers.
- EVS Documentation: Clients can now access a variety of evaluations-related documents via Interactive Data's desktop including a FAS 157 position paper, summary of inputs by asset class and methodology documents that outline the evaluation process.
"Interactive Data is committed to providing clients with transparency and an expansive set of informational resources related to the inputs we use to produce our independent evaluations of fixed income securities," said Shant Harootunian, managing director, Evaluated Services. "We also continue to offer our clients additional resources related to FAS 157 and regulatory requirements as their business needs evolve."
To address evolving client needs related to evaluations, Interactive Data has promoted Liz Duggan to chief operating officer, Evaluated Services. In this newly created role, Duggan and her team will work with clients to accelerate the development of new services and the addition of new capabilities while continuing to focus on providing highly responsive customer service and support. Duggan joined Interactive Data in 1999 and has held several roles within the Company. In her most recent position as vice president, market specialists, she cultivated client relationships and made valuable contributions to the growth of the Company's Institutional Business. Duggan reports directly to Shant Harootunian.
Harootunian continued, "I am very pleased that Liz Duggan is taking on this new role as chief operating officer, Evaluated Services. She has in-depth industry knowledge and a long track record of working closely with clients to understand and help to address their needs. I am confident that she and her team will help Interactive Data reinforce our position as a trusted provider of mission-critical information."