ICAP and Rapid Ratings launch Credit Derivatives Service
16 October 2012
Addresses need for increased transparency with early insight into companies' financial health
London, 16 October, 2012 – ICAP plc, the world's leading interdealer broker and provider of post trade and information services, announces today that it has launched a joint credit derivatives rating service with Rapid Ratings, an alternative rating, research and analytics firm. The new product brings together two independent sources of market-leading information to deliver a unique and innovative view of the credit derivatives market.
The new pricing service combines pricing data sourced from ICAP's global interdealer trading platforms and Rapid Ratings' Financial Health Rating (FHR™) data for each company entity. FHRs offer a unique insight in the creditworthiness of thousands of companies. They apply industry-specific weightings to many more factors than conventional ratings firms, making it easier to compare companies to their peers. As markets lean increasingly towards automation, these fully algorithmic FHRs fulfil the needs of an ever-changing market by requiring no human involvement.
Customers can subscribe to this new service directly from ICAP or view via ICAP's global vendor distribution network.
"Partnering with ICAP for this unique view of the credit market will provide transparency and intelligence for financial market participants who require independent sources of data for valuations, as well as regulatory, accounting and risk management purposes" said James Gellert, Chairman and CEO of Rapid Ratings.
Kevin Taylor, Global Head of ICAP Information Services, said, "In an environment where there is a demand for greater transparency and accuracy, our new service will provide an independent credit pricing solution to financial market participants. This partnership with another provider of unique, independent data shows our continued commitment in expanding our product offering with varied and innovative new solutions that are exclusive to ICAP."
Serra Balls Head of Public Relations, ICAP +44 20 7050 7124
Andrea Coleman Maitland +44 20 7395 0420
Lilah Raptopoulos Rapid Ratings +1 646 233-4557
ICAP is the world's leading interdealer broker and provider of post trade risk and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through our post trade risk and information services we help our customers manage and mitigate risks in their portfolios.
ICAP Information Services
ICAP Information empowers customers to make trading decisions with authoritative and independent OTC market information across key asset classes. We provide data services across our broked product range and offer innovative solutions for real-time, end-of-day and historical products. Our data is the intelligence behind algorithmic trading and research models for customers and is a key source of mark-to-market data for the industry. With $1.4 trillion of average daily volume traded by ICAP fed into our data products, there are almost 30 million average daily data updates in over 96,000 instruments delivered to end users.
About Rapid Ratings
Rapid Ratings is an alternative rating, research and analytics firm that enables organizations to most effectively assess the financial health of their customers, suppliers and investments. Its purely quantitative proprietary methodology employs company financials to produce objective, forward-looking analytics proven to exceed the accuracy of traditional ratings and risk metrics. Ratings are generated quarterly on an industry-specific, intuitive scale that provides a clear, comprehensive view of a company's financial viability. Rapid Ratings is the only firm that rates public and private US and non-US companies on the same basis, using the same system. Its coverage universe is growing daily and currently includes over 9,000 companies in 71 countries across all industry sectors. Customized reports and services are provided to clients from Fortune 1000 companies, small- to medium-sized enterprises (SMEs) and buy- and sell-side financial institutions.