ICAP, Rapid Ratings launch credit derivatives ratings

ICAP, the interdealer brokers, and Rapid Ratings, a rater or alternatives, are jointly launching a rating service covering the credit derivatives market.

The service will use pricing data from ICAP’s interdealer trading platforms, and Rapid Ratings’ Financial Health Rating (FHR) data for each company covered.

FHR relies on weightings being applied to more factors than other ratings firms do, which it said makes it easier to compare companies to their peers. The FHR is also designed as a fully automated system, based on algorithms.

The newly launched service can be accessed directly from ICAP or via its global vendor distribution network.

James Gellert, chairman and CEO of Rapid Ratings said the new service “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.”

Kevin Taylor, global head of ICAP Information Services, added: “Our new service will provide an independent credit pricing solution to financial market participants.”

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