Refinitiv Partners with ComStar to Launch Valuation Service for Structured Deposits in China
Refinitiv, one of the world’s leading providers of financial market data and infrastructure, announced at a press conference that it has partnered with ComStar to provide valuation services for structured deposits in China.
Qilu Bank subsequently became the first financial institution to adopt the structured deposit solution on 21 August, Refinitiv reported in a press release. Nicole Chen, Managing Director of Refinitiv China, Wang Qianyin, Managing Director of ComStar, and Li Jiuxu, Vice President of Qilu Bank, attended the press conference.
In recent years, financial institutions have strengthened the management of structured deposit businesses, requiring valuation of embedded derivatives and managing the full process in design, risk management, and sales of structured deposits, says Refinitiv. The new service provided by Refinitiv and ComStar enables transaction bookkeeping, structure splitting, profit and loss analysis, cash flow analysis, and accounting processing for the whole life cycle of structured deposits. It also allows for automatic integration of valuation and pricing data through Refinitiv’s platform to calculate fair value and risk value of embedded derivatives within structured deposits. This process is completed through the embedded model and is automatically applied to profit-and-loss analysis and account processing.
The project provides customers with convenient one-stop services from newly added structure analysis, market analysis, valuation model evaluation, interface analysis and development, and realizes full-process automated management.
Nicole Chen, Managing Director, China, Refinitiv, said: “We are honoured to be a ComStar’s first data partner to offer our solutions to the banking industry. Our cooperation supports financial institutions in accessing overseas market data in a cost-effective way. Together with ComStar we have expanded the coverage of structured deposit valuations to include foreign exchange. We are committed to providing quality services and value to financial institutions in China by introducing advanced overseas valuation models and through our strong partnership with ComStar.”
Serena Wang, Managing Director, ComStar, said: “We are very proud to become Refinitiv’s global partner and to focus on one of the market’s most pressing concerns, which is the valuation and risk management of structured derivatives. We look forward to expanding our cooperation to better support all the key aspects of trading, such as big data and quantitative trading, etc., and to develop a more valuable open platform for Chinese financial institutions.”
Li Jiuxu, Vice President, Qilu Bank, said: “We are dedicated to growing our business steadily by exploring innovative businesses and deepening our application of big data. We continue to take advantage of data assets to enhance our competitiveness. We choose to work with ComStar, a leading domestic technology company with independent intellectual property rights, on the management of domestic and foreign currency financial markets to expand new inter-bank business and ideas, so that we can contribute our wisdom to the construction of an inter-bank ecosystem.”
Following the press conference, ComStar and Qilu Bank jointly organised the ‘Shandong Inter-industry Innovation Business Workshop’. It included topics such as local currency market business innovation and application, ComStar's cross-asset quantitative trading program, derivative products and structured deposit solutions, the market influence and response mechanism of Libor, implementation of the new accounting standards, and the innovative business of derivative products.
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