Exchange group NYSE Euronext has launched Prime Source, an independent valuation service. The firm says Prime Source is designed to meet professional buy-side market participants’ needs for valuation of large, global portfolios of complex structured products and illiquid securities.
Prime Source allows users to access prices and valuation from different sources, including markets, dealer contributions and valuation models. The product offers both automated and tailor-made valuation services, and NYSE Euronext claims it answers on a daily basis valuation issues in compliance with relevant regulations and accounting standards.
Prime Source’s valuation service works with the EuronextValue platform, which provides buy-side participants with bond and debt instrument market information and allows for the computation of asset valuations in compliance with applicable regulatory requirements. Prime Source also integrates technology and processes developed by Independent Valuation and Risk Services (IVRS), which NYSE Euronext has bought from Lombard Risk Management. This allows for the automated daily valuation of products in fixed income, credit and equity.
“The Prime Source valuation hub will offer a unique combination of valuation services that gives users the possibility to find in one independent, neutral place all the information they need to facilitate their valuation process,” says Roland Bellegarde, NYSE Euronext’s head of European cash markets.
Marie-Hélène Crétu, director of fixed income of NYSE Euronext and CEO of IVRS adds, “The acquisition of IVRS and the addition of Prime Source to our product line constitutes a major step forward in a business we intend to develop even further, capitalizing on our existing solutions.”