Tullett is the Latest to Stir the Valuation Pot

Just over a month since Bloomberg raised the competitive stakes in the over-the-counter valuations business byexpanding its BVAL service, Tullett Prebon has become the latest to make an aggressive bid for growth in that rapidly evolving market.

交易商间经纪公司,制作h has principal offices in London and other key financial centers, has opened offices for independent valuation sales and client services in London and New York. Tullett characterized the move as “an immediate expansion” of its Vancouver, Canada, subsidiary OTC Valuations, which it acquired in March for $600,000 plus up to $1.4 million based on future performance.

Tullett现在正在部署顶级高管和以前的OTC估值所有者 - 这被称为OTC Val - 在三个地点：Paul Bergbusch，技术负责人，是在温哥华;美洲负责人的鲍勃僧伽是在纽约;和Miroslav Venous，在伦敦，欧洲中东 - 非洲领导。

Paul Humphrey, chief executive of electronic broking and Tullett Prebon Information, two technology-focused businesses of the interdealer firm that is active in various credit and derivatives asset classes, termed the office openings “an important expansion of OTC Val, enabling us to better service clients and enhance our global reach.” Tullett’s scale and scope were important factors in OTC Val’s desire to merge, said Vanous, who was the acquired firm’s CEO.

Humphrey added that the regional centers “not only provide local-time-zone sales and support capabilities, but also act as additional hubs for service delivery and technology integration.”

对于那些寻求OTC衍生品和结构化产品的估值来说，Tullett提供了可审计报告，通过支持文档以及挑战其结论的能力，透明地研究其方法。“这些估值能力是一个自然的延伸，利用Tullett Prebon的独立市场数据提供，”Humphrey说。许多OTC val竞争对手使或渴望类似的陈述。

这些功能在供应商方面都是蓬勃发展的 - OTC Val和Bloomberg与其他一些来自市场数据巨头和信用评级机构的竞争对手，以Markit Group，定价合作伙伴和超前和买家的利基专家。客户倾向于成为银行和其他金融机构，对冲基金和基金管理员，需要计算或发布及时，准确的净资产价值和投资组合利润和损失。

Another of those niche providers, Fincad, developed an OTC valuations service as an extension of the derivatives systems that it supplies to major institutions around the world. Also based in Vancouver, Fincad has allied with London-headquartered Icap, the biggest interdealer brokerage and a Tullett Prebon rival, in a joint valuations offering called Fair Value Insight.

“We continue to expand Fair Value Insight coverage based on customer feedback,” Fincad president and CEO Robert Park said in May when commodity options pricing and improved reporting were added to the package. The combination of Fincad’s analytics with Icap’s market data “provides end users with greater value, ease of use and transparency,” he added.

Among other recent moves reflecting intensifying competition and jockeying for position in OTC derivatives: Risk advisory and valuations firm Chatham Financial of Kennett Square, Pennsylvania, introduced a derivatives regulation advisory service; Markit of London and New York added a number of commodity and structured products to its Portfolio Valuations service; Paris-based Pricing Partners said one of the top two U.S.-based investment banks – it was not authorized to disclose which – became a customer of its Price-it Online equity and interest-rate derivatives revaluation service; and New York-based software house Principia Partners offered its valuation, portfolio analysis and risk assessment capability as a Web-based software-as-a-service.

London’s SuperDerivatives, which in June launched its Revaluation Investigation and Analysis System for trade and pricing analysis and stress testing of portfolios, announced two sizable partnerships in July: Hedge fund administrator HedgeServ is incorporating SuperDerivatives into its technology platform for real-time OTC and illiquid-instrument valuations; and investment management systems company Advent Software agreed to offer SuperDerivatves’ Web-based analytic and revaluation services to users of its Geneva portfolio management and fund accounting system.