Interdealer broker TP ICAP‚Äôs Data & Analytics (D&A) division has partnered with analytics company, Credit Benchmark, a financial data company that provides consensus credit risk estimates on a global range of corporates, sovereigns, financial institutions, and funds.
Currently the largest single source of credit data for rated and un-rated entities, the firm draws its credit risk insights from a contributed data model that harnesses the collective intelligence of the world‚Äôs leading financial institutions. As an alternative source of credit risk, Credit Benchmark scores provide a timely and accurate assessment of risk for roughly 22,000 counterparties globally.
TP ICAP D&A will produce a credit proxy solution, combining market pricing with Credit Benchmark ratings. Customers will benefit from enhanced price discovery, xVA, trading and risk management capabilities. TP ICAP will provide Credit Benchmark with data for research into the relationship between real world and risk neutral credit risk.
Bill Haney, CEO of Credit Benchmark, says, ‚ÄúWe are pleased to be supporting TP ICAP‚Äôs D&A team in enhancing their sector-level credit risk offerings. Not only will this partnership greatly expand the breadth and depth of TP ICAP‚Äôs coverage, it will enable Credit Benchmark to broaden the reach of our analytics product offerings. We look forward to working closely with TP ICAP on continued innovations in the credit risk analytics space.‚Äù
Ovie Koloko, Global Head of Product Development for Data & Analytics at TP ICAP, says: ‚ÄúThere is an opening in this market and we see our existing credit data sales business as a potential area of growth. Credit Benchmark‚Äôs business model provides a broader and more timely assessment than traditional rating methods. We plan on developing solutions that assist firms with regulations such as FRTB and the addition of Credit Benchmark‚Äôs analytics will enable us to better meet the needs of our clients. We look forward to building on our existing relationship.‚Äù