SEC Rule 2a-5 provides a framework for the fair valuation of portfolio investments by registered funds and business development companies. ICE ‘s Rule 2a-5 portal was designed to assist clients who use ICE evaluations to value holdings in their portfolio to comply with various requirements of Rule 2a-5, including good faith determinations of fair value.
As part of the portal offerings, ICE offers transparency into our evaluated pricing methodology and offers a robust challenge process to support price justification for due diligence requirements.
Specifications
Key Features
- For certain asset classes, ICE can provide back-testing of evaluations to historical trade data. Automated back-testing reporting of client portfolios is available in order to support a fund’s due diligence requirements for pricing providers.
- ICE provides price challenge reports to evaluation clients, outlining overall evaluation challenges. Clients can also receive a challenge report applicable to only their portfolio’s holdings, providing transparency into affirmation rates.
- ICE offers ICE Liquidity IndicatorsTM and scores to help monitor key risks of market liquidity applicable to a client’s portfolio.
- ICE’s Best Execution service, including Transaction Cost Analysis, provides quality metrics and odd-lot price adjustments to help funds monitor for price reliability.
- ICE’s Fair Value Leveling services provides additional granularity to securities categorized as Level 2, breaking those securities into 3 sub-categories based on availability of market data, allowing a fund to prioritize its due diligence resources.
Products
The evolution of our file-based offering. Bringing together, in a unified solution Corporate Actions, Reference Data, Analytics and our wealth of pricing datasets including ICE Evaluations, CEP, Fair Value Information Services & Listed Market Pricing.
Buy-side and sell-side front offices continue to embrace more data and more technology in order to expand their opportunities and gain an edge over the competition. Enrich front office systems with ICE’s Data API solution, providing intraday access to fixed income pricing, on-demand analytics, reference data and more.