New service for OTC instruments and interest rate benchmarks
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New service for OTC instruments and interest rate benchmarks 16 May 2013 London Reporter: Georgina Lavers
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Rate Validation Services (RVS), a provider of evidence-based benchmarks, has released a service for OTC instruments and interest rate benchmarks.
The service, called RVS Qualitative Evidential Data (QED), aims to delivers global, scaleable benchmark services, processing large volumes of data securely, 24/7 and in near real time.
It automates the collection of all types of data calculating accurate benchmarks at any given time, in any jurisdiction; then sends the relevant benchmark data to the contributing banks, through its data gateway, in the format of the bank’s choice.
The first services available on the new RVS QED platform are benchmarks for non-centrally cleared OTC instruments and a turn-key solution for submissions contributing to the calculation of Libor, Euribor and other interest rate benchmarks.
Kevin Milne, CEO, RVS, said: “Our new platform is a significant step in the evolution of benchmark provision, providing certainty to financial markets through benchmarking services based on evidential data."
"In particular, the automation of data collection through the RVS QED service reduces the risk of malpractice and manipulation of benchmark rates, improves capital efficiency and provides greater confidence in the financial markets.
“Banks are already making significant strides in adding a measure of certainty in their rate submission process by using transaction data to retrospectively validate their submissions. This service will enable them to take these improvements further by automating and validating their submission process in near real time.”
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