We combine 45+ years of experience with robust technological infrastructure to provide rapid frequency valuation services at massive scale.

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Independent Pricing Services

Independent Pricing Services

Gifford Fong Associates offers contemporaneous and historical modeled pricing for fixed income securities and a wide range of derivatives, in compliance with FASB 157 / ASC 820 Fair Value Measurements and Disclosures. This is based on many years of experience using the highest quality finance theory and modern statistical methodologies. GFA helps large financial institutional clients understand and manage portfolio risks with care and prudence by using the most sophisticated and effective investment techniques.

  • Auction Rate Securities: Municipal Auction Rate Securities, Auction Rate Preferred Stocks, Auction Rate Securities backed by Structured Products

  • Commodities and Derivatives: Commodity swaps, forwards, and futures 

  • Credit Derivatives: Total return swaps on equity and fixed income, Credit default swaps, Credit default options, Credit linked notes

  • Fixed Income / Structured Products: Mortgage Backed Securities (MBS), Asset Backed Securities (ABS), and Collateralized Debt Obligations (CDO) 

  • Interest Rate Derivatives: Vanilla IR swaps, Floating Rate Notes Basis swaps, Floating rate notes, Asset swaps, Range Accrual Notes, Vanilla IR options (caps and floors, swaptions, straddles, cancelable swaps) Exotic IR options (forward starting swaptions, straddles)

  • Foreign Exchange: Currency swaps, FX options

  • Equity Valuation: Render Fairness Opinions, Design and Value Securities for Financings and Corporate Finance, Dividend Forecasting, Price Stock Options for Newly Formed and Established Companies

Audit Support - Fair Value Evaluation of Illiquid Fixed Income Securities - Other-Than-Temporary-Impairment (OTTI) Analysis - Goodwill Impairment Analysis

Audit Support

Audit support

GFA specializes in but is not limited to audit support in the following areas:

1. Fair Value Evaluation of Illiquid Fixed Income Securities and Derivatives

2. Other-Than-Temporary-Impairment (OTTI) Analysis

3. Goodwill Impairment Analysis

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Intraday & Daily Valuation

Intraday & Daily Valuation

GFA provides independent valuation of:

  • Separate Trading of Registered Interest and Principal of Securities (STRIPS)

  • Strips of the Treasury Inflation-Protected Securities (STRIPS TII)

  • T-Bills

  • Treasury and Agency Notes and Bonds

  • Treasury Inflation-Protected Securities (TIPS)