First, define the purpose of the "reference price" service

Client presentations, internal research, valuation assistance, and executable quotes have different risk requirements. Before establishing processes, it should be clear whether the reference price is only for informational display or will enter business segments with higher governance requirements. A "price" with the same name should not bear undefined purposes.

Identifying product versions is more important than choosing a single source

The same traditional underlying asset may correspond to multiple issuers, product structures, and trading venue versions. Before establishing a reference price, it should be confirmed the issuer, product type, trading venue, quote currency, price type, and data timestamp. Transaction activity and depth can provide context but cannot replace the institution's own product and data licensing judgment.

Establish auditable time and method records

It is recommended to separately record data time, capture time, calculation time, and applicable window; while also retaining the sources used, fields, calculation methods, and exception handling. Times do not need to be artificially compressed to the same second, but the meaning of each time must be clear.

Write exception handling into the system

Unavailability of sources, changes in product terms, abnormal quotes, or data omissions may occur. The process should set up review and escalation mechanisms, and check methods when significant changes are triggered, rather than relying solely on fixed annual reviews.

Conclusion

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