OTC derivative valuations vendor SuperDerivatives says that Grant Thornton Greece has licensed a comprehensive set of its tools, including all of its option pricing and analytics platforms. It will serve as the basis for the firm’s audit work surrounding IAS39, IFRS 7and UCITS III and in preparation for the MiFID regulations.
Grant Thornton Greece will use the SuperDerivatives’ benchmark prices for options as a proxy for the MiFID best execution price for tailored derivatives and to achieve the best possible accuracy in its audit work across all types of options and asset classes.
Grant Thornton already uses SuperDerivatives’ platforms for external independent verification of the portfolios of its audit clients. Grant Thornton Greece has decided to standardize its options auditing activities on SuperDerivatives across all derivatives, chiefly in order to ensure compliance with global accounting and auditing standards that demand fair value valuation of derivative instruments.
“While the SuperDerivatives suite made our auditors a lot more productive, its main value is that it allows us to strictly adhere to accounting and auditing regulations demanding independent ‘fair market value’ reporting,” says Vassilis Kazas, Managing Partner of Grant Thornton in Greece. “The SuperDerivatives platforms have proved more comprehensive and superior to all other partial methods we considered.
The SuperDerivatives tools are very sophisticated, highly intuitive and provide our auditors with an all-inclusive independent solution which offers built-in verified market data and an easy way to mark-to-market any type of option, both in real-time and from any previous date. Our clients are preparing in earnest for the upcoming MiFID regulation that requires firms to ensure ‘best execution’ of all transactions. The SuperDerivatives platforms are an ideal solution for ensuring consistent best execution of OTC option trades, as they accurately and consistently reflect the consensus price in the inter-bank brokered market.”
Ed Crouch, Global Head of Corporate Development and Strategy at SuperDerivatives, claims auditing, accounting and consulting firms all over the world have chosen the SuperDerivatives platform for compliance with IAS39, IFRS7, FAS133, FAS157 and MiFID. “SuperDerivatives platforms are the only ones that provide the same accurate prices for both real-time trading and mark-to-market reporting, adhering to both the letter and spirit of existing and emerging regulations for determining the fair value of derivative portfolios,” he says. “We are delighted to be working with Grant Thornton Greece, and their numerous clients, to provide the most effective way to present the true market value of advanced options and structures.”
SuperDerivatives’ products, including real-time pricing and analytics systems, risk management systems, portfolio revaluation services, options market data portal and online trading capabilities, are used by both buy and sell side organizations. Its pricing platforms are used by almost all the banks around the world that are active in options, as well as by numerous corporations, asset managers, hedge funds, auditors and central banks.
SuperDerivatives’ benchmark option pricing model is the only publicly available model used daily by thousands of practitioners globally for deriving live tradable prices. The model’s accuracy in generating real market prices for all types of derivatives has been empirically proven and validated continuously for several years, claims the firm.