RVS Consensus+ Services
The RVS Consensus+ Service provides access to a unique daily (almost real time) Trade Evidence Rate Set (backed by market transactions) and a Consensus Rate Set (published up to three times daily). It collects relevant data (trades and submissions) from each institution and uses it with applicable industry defined governance rules for Rate Set construction, which are compatible with IOSCO’s Principles for Financial Benchmarks.
The Consensus+ service supports banks performing mark to market valuation requirements, including prudent valuations (XVA), now a UK regulatory reporting requirement and Basel III. The rules relating to a particular Rate Set are defined directly by industry participants. These rules are tailored around each product and asset class as well as each jurisdiction. This use of trade evidence and the independence and governance model are important points of differentiation.
- Contributed rate points from banks
- Trade evidence data
- Static and market data
RVS Consensus+ automatically checks incoming data for arbitrage, staleness and completeness to ensure the quality of the contribution. The data is distilled to create the best representation of the traded market, for each point on the surface, providing analysis that includes:
- Trade Surface incorporating evidential data
- Contribution based consensus
- Certainty index of each rate to the underlying evidence
- Infographics providing dispersion analysis and exception management tools
RVS Consensus+ Service supplies the above for non-centrally cleared OTC derivatives. With wholesale Regulatory change getting closer every day, whether it is Basel III, FRTB, MiFIDII (Systematic Internaliser) or Prudent Valuation the RVS Consensus+ Service caters for all of the new Regulatory requirements.
Our current service offerings cover:
- Foreign Exchange
- Interest Rates
RVS Consensus+ is the only consensus service incorporating trade evidence and contributed data in the calculation process, delivering the following:
- Daily service
- Increased accuracy
- Independent service
- Industry driven governance
- Facilitates regulatory reporting
- Fixed cost solution
- Fully transparent and auditable process
- Visually intuitive exception management tools