Prime Source, a Nyse Euronext company, providing an independent, comprehensive valuation service and Tradition, a leading interdealer broker, today announced they have formed a partnership whereby Tradition will provide end of day pricing of a range of financial products to Prime Source.
The Prime Source service allows users to access prices and evaluations from different sources, including markets, dealer contributions and valuation models designed to meet professional buy-side market participants' needs for valuation of large, global portfolios of complex structured products and illiquid securities.
As part of Tradition's ongoing commitment to support market transparency and the provision of reliable valuations Tradition will provide end of day rates and money market data covering G10, Asia and European emerging markets. The end of day pricing will be particularly useful for funds, fund administrators, auditors, portfolio managers and investors (risk management, compliance) as well as issuers. This announcement comes at a time of increasing demand for valuation services, with regulators and institutional investors calling for greater transparency and independence in the valuation of complex securities.
Bruce Collins, Deputy Chairman says, "We are delighted to be the first IDB whose data is included in the Prime Source service offering unique access to OTC valuations. This new service represents our ongoing commitment to innovation and customer service and will strengthen Tradition's position as a leading interdealer broker".
Marie-Hélène Crétu, CEO of Prime Source said, "We are very pleased with this new partnership. The availability of Tradition's pricing will enhance the valuation services available via Prime Source. Through Prime Source, users can obtain the information they need to facilitate their valuation process in one single, independent source."