The Totem dataset, originated from IHS Markit, provides a consensus-based independent price verification (IPV) service. This dataset includes industry-consensus mid-market valuations for derivative instruments, forward curves, volatilities (ATM and Skew), and correlations across six major asset classes. This data is contributed by the world's largest investment banks, market makers and active market participants. The data is reviewed, and the consensus valuations are published, in addition to details on the number of contributors, range and dispersion metrics of the data received.

Market participants use the Totem valuations to verify the Profit & Loss Statement (P&L) in their trading book with an independent set of marks. Totem helps participants find marking issues, verify that their P&L is accurate and tested, and can be part of the process defining where an instrument sits within the fair value hierarchy. Having an independent set of marks to test against also helps participants meet their audit and regulatory obligations for independent price verification and prudent valuation.

This dataset includes:

• Consensus mid-market valuations for over 1 million data points, vanilla and exotic, for Commodity, Credit, Equity, Foreign Exchange, Interest Rates and X-Value Adjustment asset classes.
• Corroboration reports that compare consensus to executed trade data and exchange settlements, as well as an audited formal challenge process.

*S&P Global has the right to distribute and license Regular Market Valuations to Totem customers; regulatory authorities, government departments, law ,or regulatory enforcement agencies; and any other entities provided the Regular Market Valuations are more than 12 months old.