Lombard Risk Systems, provider of ValuSpreadÃ’, the market leading service for independent price verification of credit default swaps, hosted ValuSpread 2002 at the Donnington Valley Hotel, Newbury, where senior credit derivatives practitioners assembled.

The event was an enormous success with more than 20 ValuSpread clients in attendance. The conference was introduced by John Wisbey, Chairman and Group CEO of Lombard Risk. Guest speakers included John Ashworth, the Chief Commercial Officer of GFInet; Claude Brown, a Partner from Clifford Chance; and representatives from the ValuSpread client base including Anna Marie Dunn, Vice President, JP Morgan Chase; and Mark Price, Director, Deutsche Bank.

Penny Davenport, Managing Director of Valuation Services for Lombard Risk announced exciting new functionality which will be added to ValuSpread during 2002, the launch of price verification services for products in addition to credit default swaps, as well as the newly expanded ValuSpread team. Lombard Risk’s Chief Technology Officer, Eran Tuv, presented Lombard Risk Systems’ Firmament Credit Trading software and its seamless interaction with contributor data from ValuSpread.

The 28 participants in ValuSpread include major investment banks, broker dealers and other major players in credit derivatives. The service allows members independently to verify their credit default swap prices against those of other members on an anonymous basis and enables the product, financial and valuation control teams within the firms to monitor their businesses accurately. ValuSpread has pricing information for nearly 3,000 credits on a twice-monthly basis and currently makes more than 15,000 data points available to its contributors.

The feedback from ValuSpread 2002 was extremely positive with participants saying it was an excellent forum for discussing current issues and that they feel much was gained.

Price verification is an absolutely vital ingredient in the safe running of a trading business. In addition, price transparency is a key feature of more mature markets and Lombard Risk believe the provision of price and mark-to-market data for credit derivatives will open up the arena, bringing new participants and additional liquidity. By providing ValuSpread and Firmament Credit Trading to the market, Lombard Risk is in pole position to support this market growth.

ValuSpread 2002 was not all work and no play. Competitive golf rounds were played, delegates enjoyed a sociable dinner at the end of day one and everyone watched keenly the World Cup Semi Final between Germany and South Korea!

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