Parameta launches ClearConsensus
Parameta Solutions, the data and analytics division of TP-ICAP, has announced the live launch of ClearConsensus in partnership with PeerNova, a Silicon Valley data analytics and management company. The new service aims to provide independent, consensus price valuations for linear and non-linear rates derivatives as well as for FX forwards, options and exotics (link).
Parameta told Total Derivatives that the new service is able to draw upon transactions data from any pricing source available under the TP ICAP group of companies.
Thus ClearConsensus combines Parameta’s Evaluated Price (EvP) with PeerNova’s Cuneiform technology platform. In a first of its kind, ClearConsensus is directly introducing observable transactions data via the EvP, "significantly improving the fair value waterfall process," accoring to Parameta.
In terms of how the “final consensus price” is calculated, Parameta states this is derived from bank contributions that are directly inputted into the ClearConsensus platform.
The main users of the product are said to be banks, “We have had consistent input from the world’s largest bank liquidity providers who have been involved in the proof of concept phases” the company states.
According to Parameta the service provides, “Visibility and transparency, while maintaining participant anonymity and data privacy. Through stringent data quality checks and an automated challenge process that incorporates additional participant data, the final consensus price is enriched, accurate, and timely. Comparative, real-time analytics help identify market trends so clients can better optimize capital allocation, mitigate risk, and reduce cost of ownership.”
“We are excited to announce our partnership with PeerNova,” said Eric Sinclair, CEO of Parameta Solutions. “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.”
“We are very pleased to partner with Parameta Solutions and launch ClearConsensus,” added Gangesh Ganesan, Founder and CEO of PeerNova. “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. Coupled with PeerNova’s data and analytics capabilities, our solution is uniquely positioned to improve the overall consensus process. ”