Large Bank Examination Workshop February 2026

Independent Pricing • Prices for unique instruments sometimes will only be provided by a single source (e.g., the dealer providing the instrument) • Important to understand the assumptions used to price the instrument • Independently validate when possible  Models?  Other dealers?

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Independent Pricing

• Survey of market makers  Brokers/Dealers • Pricing services • Median pricing procedure • Matrix pricing

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© Global Financial Markets Institute Inc.

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