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Rate validation and OTC benchmark services launched by RVS

Rate Validation Services (RVS), a provider of evidence-based benchmarks, has released RVS Qualitative Evidential Data (QED), a new flagship benchmark service for over-the-counter (OTC) instruments and interest rate benchmarks, such as Libor.

The new RVS QED service delivers a global scalable benchmark, which uses large volumes of OTC derivative and interest rate data in near real-time, says the vendor. The benchmark data is sent to the contributing banks, via RVS’ data gateway, in the format of the bank’s choice and can then be used internally or passed on to corporate clients as desired.

The first services available on the 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. There has, of course, been much debate about the Libor manipulation scandal, so this is certainly a topical area at the moment.

Commenting on the launch, Kevin Milne, chief executive officer (CEO) of RVS, said: “Our new platform is a significant step in the evolution of benchmark provision, providing certainty to financial markets via 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,”£ added Milne. “This service will enable them to take these improvements further by automating and validating their submission process in near real-time.”

RVS QED’s new system engine was developed using Ab Initio software, which can handle millions of transactions per second, and can support HTML 5 which supports most browsers and mobile access devices, including Apple’s iOS with Adobe flash finally being accessible too.

The vendor claimed benefits and tools of the new RVS QED system include:

• Certainty index attributes and governance data, plus capital tiering scale data.
• User defined heat maps for exception management.
• Evidential decision trees and information about OTC products across all asset classes.
• The ability to centrally manage all benchmark data globally and take advantage of automated collection via multiple application processing interfaces (APIs), including support for the FIX and FpML financial messaging standards, plus MQSeries, EMS etc.
• Data analytics capabilities can provide users with sophisticated curves and models management; personalised views; trade attributes collection and correlation analysis data, as well as business intelligence (BI) reports for management.
• Collateral valuation services are also available, an increasingly important concern as Dodd-Frank, the European Market Infrastructure Regulation (EMIR), etc come into force.
• Audit trails for reporting and compliance obligations.

According to RVS all of the above should contribute to the establishment of a straight through processing (STP) workflow for users and, crucially for treasurers and banks’ future reputations, an automated and validated end-to-end Libor and other rate fixing service.