TP ICAP’s data and analytics division, Parameta Solutions, has joined forces with PeerNova to launch ClearConsensus, a transparent high-fidelity consensus network for independent price valuation (IPV).
The two firms claim that the service improves both business resilience and regulatory response by addressing the evolving risk environments for price valuation and control groups at banks globally.
ClearConsensus combines Parameta Solutions’ Evaluated Price (EvP) with PeerNova’s Cuneiform technology platform.
“By leveraging PeerNova’s technology, an agile data management and analytics platform, we can provide clients with deeper insights and a streamlined challenge process for more efficient and timely consensus,” said Eric Sinclair, chief executive of Parameta Solutions.
“It is a great marriage between PeerNova’s technology and Parameta Solutions’ observable transactions data.”
The new network will introduce observable transactions data via the EvP which is said to improve the fair value waterfall process. In addition, the solution provides visibility and transparency, alongside maintaining the anonymity of participants and ensuring data privacy.
“As a leading provider of unique OTC content, with a global footprint in the derivatives market, Parameta Solutions’ will bring significant expertise when it comes to meeting regulatory requirements and enriching client data,” said Gangesh Ganesan, founder and chief executive of PeerNova.
“Coupled with PeerNova’s data and analytics capabilities, our solution is uniquely positioned to improve the overall consensus process, helping clients better plan for the future.”
This latest move by Parameta Solutions follows its launch of Trading Analytics, a post-trade analytics platform aimed at improving execution across the street, late last year.
Today, parent company TP ICAP reported its H1 2022 figures which showcased revenue growth across all business divisions – an increase to £1,080 million compared to £936 million in the same period last year.
TP ICAP also noted that Parameta Solutions’ revenue was up 6%.
“We have delivered high single digit revenue growth. We have also grown revenue across all our asset classes and increased our market share. A strong performance from Rates, helped deliver an uplift in profitability,” said Nicolas Breteau, chief executive of TP ICAP Group.
“Our transformation continues at pace. Parameta Solutions is announcing today an enhanced consensus pricing solution in partnership with PeerNova and involving many of the world’s largest investment banks.
“Volatility has continued across many markets. Our core franchise, the depth of our liquidity pools, and our ongoing focus on our transformation mean we are well positioned in these market conditions.”