Totem poll: users of Markit service call for change

Libor-like consensus methodology creates bad incentives, clients fear


The derivatives market has learned a lot about consensus pricing and benchmarking as a result of the Libor scandal, so it might be surprising to hear critics of Markit's valuation service - Totem - alleging Libor-like design flaws. As with the disgraced interest rate benchmark, the output of the service is a value derived from participants' estimates, after both ends of the range have been lopped off. Outlier contributors are not shown the result, which – critics claim – encourages users to

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