Credit data orchestration
Daily pricing turns valuation from a monthly artefact into a daily obligation — 23 days from now, across every credit asset
The investment-grade suite has been priced daily since 1 Jul. On 1 Oct the same discipline extends across credit. A monthly cycle tolerates a person chasing a file; a daily one does not. What has to be automated is not the mark — it is everything around it: collecting the inputs, proving they agree, escalating when they do not, and being able to show afterwards exactly which input produced the published number.
Positions priced today
1,146
across 9 live wrappers
Cleared untouched
99.5%
1,140 needed no human
Open exceptions
6
4 variance, 1 stale, 1 mapping
Lineage coverage
100%
every published number traceable
Run to publishable
2h 41m
was 3 days on the monthly cycle
A.Today's run — five stages, each one refusing to pass work it cannot stand behind
A stage that cannot prove its output stops. Nothing downstream reads a number that has not cleared the stage above it.
Collect
Loan tapes, servicer files, pricing feeds and the ICE private credit reference set, pulled on their own schedules.
31source files in
source-collector
Normalise
Each originator format mapped to the standard loan schema. New fields are flagged, never guessed at.
2mappings queried
loan-tape-normaliser
Reconcile
Positions and cashflows agreed between the fund record, the administrator and the servicer.
1,146positions agreed
position-reconciler
Mark
Daily estimate built per position, each one checked against independent inputs and a tolerance.
1,140of 1,146 marked
daily-mark-reconciler
Publish
Fund NAV, platform files, client dashboards and the audit package, all from the same signed set.
11downstream feeds
publication-gate
Exception queue
Raised by the run itself. Each one already carries the evidence the reviewer would otherwise go and collect.
| Position | What the run found | Variance | Waiting on | Effect |
|---|---|---|---|---|
ABF-2291-A | Two independent marks disagree beyond tolerance; the third source has not refreshed since Thursday | ±3.4% | S. Idris | blocks NAV |
ABF-2291-B | Same facility, same disagreement — grouped so it is decided once rather than four times | ±2.9% | S. Idris | blocks NAV |
DL-0884 | Spread moved on a borrower whose servicer file arrived eleven hours late | ±2.2% | S. Idris | blocks NAV |
DL-0885 | Same borrower, second tranche | ±2.1% | S. Idris | blocks NAV |
IG-1170 | Reference price 26 hours old; last good value carried forward and labelled as carried | stale | Data ops | flag only |
DL-0912 | A new originator field appeared in the tape. Left unmapped and reported rather than inferred | mapping | Data ops | flag only |
1,140 positions cleared without a human touching them. The six above are the entire day's work for the valuation desk.
Open exception — trace
Every input the run considered, in the order it considered them. This is the whole audit answer.
ABF-2291-A- 04:00Servicer file receivedon time
Facility economics unchanged since the last cycle; no amendment recorded.
- 04:22Source A — internal model98.40
Discounted cashflow on the current curve, inputs unchanged from yesterday.
- 04:22Source B — ICE reference95.05
Received 03:58 today. Moved on a comparable-sector print yesterday afternoon.
- 04:23Source C — broker quotestale
Last refresh Thursday 17:04. Excluded from the comparison, not silently averaged in.
- 04:23Tolerance breached3.4% vs 1.0%
Two credible sources, one tie-breaker missing. The rule says a person decides.
- 04:24Held, evidence assembledawaiting sign-off
Routed to the valuation desk with both marks, the comparable print and the refresh history attached.
What the co-worker will not do
Choose between two credible marks. It has assembled both, shown the tolerance breach, identified that the third source has not refreshed since Thursday, and stopped. The published mark stays yesterday's until S. Idris signs.