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Pricing and valuation: a buyer's guide
What we list in this category, where each entry came from, and the questions worth pressing on before you commit.
Every entry below was recorded from a page we opened, and each carries the source we read. Where we could not establish something it is left blank rather than guessed. Read how this site works if you want the detail.
What we list
Every product we hold in this category, in one list. A supplier that has run in production for twenty years and one that launched last year appear together and carry the same fields, because that is the comparison a buyer has to make. Each entry's founding year and owner are on its company page where the company states them, and both bear on continuity: long service is evidence a supplier will still be there, and a young supplier may offer capability and pricing the incumbents do not while carrying fewer references at your size.
- 73 Value — Automates equity and credit valuations for private capital managers as part of the 73 Intelligence platform; investors shown on its own site include Blackstone, Goldman Sachs, Hamilton Lane and Golub Capital. source
- Amberdata — Crypto and blockchain market, DeFi and derivatives data with analytics, risk and compliance tools; Amberdata's own site carries the news of its acquisition by Kaiko, so lists still showing it as independent are out of date. source
- BVAL (Bloomberg Valuation Service) — Bloomberg's evaluated pricing service for fixed income, widely used by buy-side firms; I could not open any Bloomberg page to confirm the product name or coverage. source
- Beacon by Clearwater — Cross-asset trading and risk modelling layer that plugs analytics and custom models into the PMS/OEMS workflow. source
- BlueGamma — Live interest rate forward curves for SOFR, SONIA, EURIBOR, CORRA and 30-plus other benchmarks, delivered by web app, Excel add-in and REST API for swap pricing and mark-to-market. source
- BondCliQ — Centralised corporate bond pricing data delivered as a data service. source
- Chronograph GP — Portfolio company data collection, valuations and reporting for GPs; a separate Chronograph LP product does the same job for limited partners. source
- Chronograph LP — Cloud portfolio monitoring and analytics for private capital investors, including mark-to-market valuation workflows; took a growth equity investment of over $140M from Sixth Street Growth. source
- Citco Fund Administration — Independent administrator for hedge funds, funds of funds, private equity and private credit, covering accounting, investor relations, independent pricing, middle office and treasury. source
- Clarion PMS — Cloud-based portfolio management software with live pricing, real-time P&L and risk, derivatives analytics and an integrated order management system across rates, fixed income, credit, FX, equities and commodities. source
- Coin Metrics — Digital-asset market and on-chain data, reference rates, prices, indexes and the datonomy classification system, delivered by API to asset managers, hedge funds and crypto funds. source
- CrossAsset — Pricing and risk analytics libraries for OTC and exchange-traded derivatives, fixed income and structured finance; now also sells the former FINCAD Analytics Suite and Kynex convertible analytics. source
- EDI Reference Data — Independent supplier of global corporate actions, pricing and security reference data drawn from around 700 sources. source
- Ediphy Analytics — Model-based fixed income pricing (liveMid, fairMid), liquidity scoring and transaction cost analysis delivered to trading, risk and compliance teams. source
- Evaluated Pricing Service — Evaluated prices across 36 currencies for investment grade, high yield, ABS, MBS and CLO instruments, refreshed six times daily. source
- GoldenSource Security Master — Centralised security and reference data mastering with validation, golden-copy modelling and governance; sold alongside Entity Master, Product Master, Price Master and Corporate Actions Master. source
- ICE Consolidated Feed — Streaming low-latency consolidated data feed delivered over the ICE Global Network, alongside ICE Consolidated History for tick archives and Continuous Evaluated Pricing. source
- ICE Corporate Actions Service — Corporate actions reference data covering over 54 ISO event types for roughly 80,000 companies in more than 100 countries, delivered intraday. source
- ICE Market Price Valuation (MPV) — Independent valuations for OTC derivatives across commodities, credit, equities, FX and interest rates. source
- ICE Pricing and Evaluations — Independent end-of-day and continuous evaluated prices for fixed income, loans, whole loans and derivatives, delivered by an SEC-registered investment adviser entity. source
- ICE Pricing and Reference Data — Securities reference data alongside evaluated pricing and curves, delivered through the legal entity ICE Data Pricing & Reference Data, LLC. source
- Kaiko Indices — BMR-compliant digital asset reference rates, multi-asset crypto indices and third-party calculation agent services including NAV calculation; the crypto index firm Vinter's domain now redirects into Kaiko, and Kaiko has also acquired Amberdata. source
- Kaiko Market Data — Digital asset market data feeds, fair value pricing, indices and surveillance for institutions and regulators; the homepage announces that Kaiko has acquired Amberdata. source
- Kaiko Reference Data — Digital asset reference data covering crypto asset identifiers, supply metrics and derivative contract specifications, alongside market data, indices and fair value pricing. source
- Kroll Valuation Platform — Cloud platform for alternative asset managers that extracts data from investment documents and models and automates valuations of illiquid private assets, starting with private credit. source
- LSEG Pricing Service — Independent evaluated pricing covering over 3 million fixed income securities and derivatives; blends dealer quotes, trade prices and comparable instruments. source
- Lumonic — Automated portfolio monitoring and reporting for private credit and private equity, now branded a PitchBook company; its own page does not confirm valuation as a core feature. source
- Numerix Enterprise Risk Management — Derivatives-heavy market risk, counterparty credit risk and model validation built on the Numerix analytics library. source
- Orchestrade — Natively cross-asset front-to-back platform combining trading, real-time risk, trade lifecycle and an integrated general ledger. source
- Oxane Panorama — Private credit platform whose Valuations module and third-party valuation service cover corporate credit, asset-based lending, real estate and securitized products. source
- Portfolio Valuation — Independent fair value opinions on illiquid fund holdings; this is the practice formerly branded Duff & Phelps, but kroll.com blocked every page I tried so nothing here is confirmed. source
- Portfolio Valuation — Independent valuations of equity, debt and derivative securities for private and public holdings, used heavily by private equity firms. source
- Portfolio Valuation Services — Valuation of illiquid fund holdings delivered by the Murray Devine team, which Citrin Cooperman absorbed; the vendor page returned 403 so the detail is from search summaries. source
- Portfolio Valuation Services — Independent fair value estimates for Level 3 assets held by hedge funds, BDCs, private equity firms and insurers. source
- Portfolio Valuation and Fund Advisory Services — Third-party ASC 820 and IFRS 13 valuations of illiquid debt and equity for hedge funds, private equity firms and BDCs; the page returned empty so this rests on search summaries only. source
- Portfolio Valuations — Independent valuations of illiquid investments for alternative asset managers, delivered by the Valuations & Opinions Group alongside the Lincoln Private Market Index. source
- PricingDirect — Independent evaluated pricing provider for fixed income; the site loaded but returned no product or ownership detail I could read. source
- QUODD QX Digital Platform — Cloud-delivered market data covering pricing, reference data and fundamentals for more than 1,800 institutions, sold as the QX Digital Platform, APIs and data feeds, and an Equity+ securities workstation. source
- Quantifi Risk Management — Unified market, counterparty, liquidity and credit risk view for investment managers trading credit and derivatives. source
- RiskSpan Edge Platform — Portfolio risk analytics specialised in mortgages and structured credit, covering agency MBS, MSRs, private-label RMBS and asset-backed finance. source
- SIX Market & Reference Data — Pricing, corporate action and instrument data across 36 million instruments, delivered by market data feed, APIs, files, Snowflake or the SIX iD desktop display. source
- SIX Reference Data (Valordata Feed) — Instrument master and reference data on over 30 million instruments, delivered by Valordata Feed, SIX Flex, web and bulk APIs, and Snowflake. source
- SOLVE Px — Pricing and quote data for corporate and municipal bonds used by asset managers and valuation teams. source
- Valutico — Data-driven business valuation platform used by private equity, advisory, audit and banking teams; the site claims over 850 teams as users. source
- Worldwide Fixed Income Evaluated Pricing — Daily independent prices for corporate and municipal bonds, syndicated loans, agency MBS, CMO, CMBS, ABS and CLO securities. source
- Xignite Market Data Cloud — Cloud-native market data APIs built to run in AWS; xignite.com now issues a 301 redirect to quodd.com, which is the clearest current sign that the product sits inside QUODD rather than an independent Xignite. source
- iLEVEL — Institutional private markets data management and portfolio monitoring system, originally Ipreo/IHS Markit and now sold by S&P Global Market Intelligence. source
What to ask
These come from the same question bank our request-for-proposal process uses, so a guide and an RFP never drift apart. The four sections below carry the most weight in that bank.
Functional fit
Whether the system does the job for YOUR instruments, markets and volumes — not for the demonstration portfolio. The questions separate what runs in production today from what is on the roadmap, because that distinction disappears in a sales meeting and reappears during implementation. It also asks what still has to be typed in by hand, which every system has and few volunteer.
- Which asset classes does the product support in production today?
- Is there a full audit trail of who changed what and when, and can it be exported?
- Does the system enforce segregation of duties between front and back office?
- Is maker-checker approval supported on material actions, and is it configurable by action type?
- Can a valuation be sourced and approved independently of the people who trade?
Security and resilience
Whether the vendor's security is independently attested or merely asserted. The questions ask for certifications you can read, penetration tests you can see the summary of, and recovery objectives that are written down. Incident history is asked directly, because a vendor that has handled a breach well is often a safer choice than one that has never been tested.
- Which independent attestations do you hold currently?
- Will you provide the most recent report under a non-disclosure agreement?
- Is data encrypted in transit and at rest?
- Is single sign-on supported, and is multi-factor authentication enforced?
- Can your own staff see our data, and is that access logged and reviewable by us?
Compliance and regulatory
Whether the system stands up to your regulator and your auditor. Covers the reporting regimes the product supports directly, whether it can evidence who saw or changed a record, how long records are retained, and where in the world your data physically sits — which is a hard constraint for many firms rather than a preference.
- Can the system evidence to an auditor who saw or changed a given record, and when?
- In which jurisdictions is our data stored and processed?
- Are there any pending criminal matters or debarment proceedings involving the firm, its officers or its managers?
- Which regulatory reporting regimes does the product support directly?
- When a regime changes, is the update included in the licence or charged separately?
Clients and references
Whether they have done this for a firm like yours, and whether those firms stayed. Vendors present client counts and logos readily; they present ATTRITION reluctantly, which is why this section asks for clients lost and migrations completed as separate questions from clients won. Size fit decides more failed implementations than feature lists do, so it is asked directly.
- How many client firms use this product in production today?
- How many of those are of a similar type to our firm?
- How many are within our assets-under-management band?
- How many clients did you LOSE in each of the last three years?
- How many implementations begun in the last three years were abandoned before go-live?
You can send all 167 of these questions to the vendors you choose, and get every answer back side by side. Run an RFP — it is free to you and free to them.