FINCAD, the market leader for innovative over-the-counter (OTC) derivatives solutions, today announced it has teamed with PwC New Zealand, one of the top consulting firms in the world, to implement a fully customized version of Fair Value InsightÂ® to calculate derivatives valuations for its clients in Asia, Middle East and Europe.
Fair Value Insight is a secure, Software-as-a-Service solution that combines ICAPâs daily market data services with FINCADâs industry standard analytics, enabling firms to accurately value financial trades and apply consistent pricing models independent of the number of clients or offices deploying this tool.
Valuing thousands of trades for both external clients and auditors across the world, PwC New Zealand chose Fair Value Insight to value common trades via a dedicated, web-based solution. With detailed PDF reports that show the methodology used for its calculations, Fair Value Insight provides firms with all the information their clients need to comply with fair value standards such IFRS 7 within minutes.
The customized version of Fair Value Insight also provides for easy management and tracking of individual engagements and associated valuations, which aligns very well with PwC New Zealandâs business.
âWe are very excited that PwC New Zealand selected Fair Value Insight to do derivatives valuations,â said Bob Park, President & CEO, FINCAD. âIt is a critical solution for consultants and auditors looking to save time and reduce their operational risk. The fact that 6 of the top 10 Fortune 500 companies are using FINCAD solutions speaks for itself.â
âAs one of PwCâs busiest offices for derivatives valuations, we highly value our time,â says Paul Skillender, Partner, PwC New Zealand. âFair Value Insight gives us the capability to quickly value our clientâs derivatives, so we can now reorganize our staff to focus on more complex valuations. Since we can track individual engagements and add new users and trades easily, Fair Value Insight also gives us the scalability that we need with the assurance that, as our business expands, we have a solution that can grow with us.â
Fair Value Insight can also be directly available for organizations such as corporations, banks and credit unions around the world. Based on the same platform, FINCAD also released Hedge Accounting Insight in September of this year. Hedge Accounting Insight helps corporate treasurers comply with hedge accounting standards.