Monaco says his firm doesn't compete directly with white-label firms like ETF Issuer Solutions or index calculation agents like S&P.
And Monaco stresses that his firm goes to great lengths to flush out the index design through in-depth research ("we become equity analysts," he says) unlike index calculation agents (though, again, Mell emphasized the extent to which S&P involves itself in R&D).
These target benchmark administrators, submitters, calculation agents, publishers and users.
In particular, the European authorities establish a conflicts of interest policy that should be ensured by benchmark submitters (entities that provide information in relation to a benchmark to benchmark administrators or calculation agents).
He said that bourse's rules and regulations require the appointment of an independent fund administration and index calculation agents
; all offering more investor confidence.
("Mizuho Securities") as third party calculation agents to evaluate the Merger Consideration.
In executing the Merger Agreement, HOYA and PENTAX, respectively, requested third party calculation agents, UBS and Mizuho Securities to evaluate the Merger Consideration in order to achieve fairness.
The following are the results of the evaluation by each third party calculation agent. UBS, evaluated the equity value of PENTAX, based on certain assumptions, using the comparable trading multiples analysis and DCF analysis.