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NBIM looking for independent financial instrument pricing

NORWAY - Norges Bank Investment Management (NBIM) is tendering for services regarding independent pricing of financial instruments.

NBIM manages the money in the Norwegian Government Pension Fund. The fund, formerly known as petroleum fund, has now surpassed the NOK1.8trn-mark (€221bn).

"As the size of the fund has become much larger as has the number of instruments that is being invested in so we need to upgrade the infrastructure behind that," Huw Phillips, the consultant working with NBIM on this project told IPE.

Therefore, the bank is seeking one or more suppliers to provide independent pricing especially for "hard-to-value instruments" such as swaps, OTC options as well as mortgage-backed and other illiquid securities.

Successful suppliers will need to ensure that "any inconsistencies arising from the decentralised processing arrangements are identified and resolved", the bank states in the tender documentation.

Deadline for participation is April 16. Tenders can be drawn up both in Norwegian and English. NBIM expects to shortlist three to five suppliers to go through to a second round.

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