Prime Source and Tradition, a interdealer broker, have formed a partnership whereby Tradition is expected to provide end of day pricing rates and money market data covering G10, Asia and European emerging markets to Prime Source. This announcement comes at a time of increasing demand for valuation services, with regulators and institutional investors calling for greater transparency and independence in the valuation of complex securities.
Prime Source has claimed that its service allows users to access prices and evaluations from different sources, including markets, dealer contributions and valuation models. The end of day pricing will be particularly useful for funds, fund administrators, auditors, portfolio managers and investors (risk management, compliance) as well as issuers.
Bruce Collins, Deputy Chairman, said: “We are delighted to be the first IDB whose data is included in the Prime Source service offering unique access to OTC valuations. This new service represents our ongoing commitment to innovation and customer service and will strengthen Tradition’s position as a leading interdealer broker.”
Marie-Hélène Crétu, CEO of Prime Source, said: “We are very pleased with this new partnership. The availability of Tradition’s pricing will enhance the valuation services available via Prime Source. Through Prime Source, users can obtain the information they need to facilitate their valuation process in one single, independent source.
Prime Source is a NYSE Euronext company that provides an independent valuation service.
