Less smoke fewer mirrors: fair value pricing to the rescue? After years of poor transparency into financial firms’ valuation processes, it appears that a significant step has been taken towards greater standardisation and disclosure of how investment mana


First announced in late 2006, FAS 157 won't fully impact buy-side and hedge fund managers until their 2008 fiscal year ends, but some implications are already clear - and preparations had best be well underway. Just how onerous the new rule proves will depend largely on how well-developed individual managers' current valuation processes are.

Compliance with the rule will require managers to ensure (or adopt) adequate internal valuation policies and procedures, back-office

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Systematic tools gain favor in fixed income

Automation is enabling systematic strategies in fixed income that were previously reserved for equities trading. The tech gap between the two may be closing, but differences remain.

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