Valuation and expert reports
Independent valuation and expert evidence
Fair value at the reporting date, exit prices, expert reports in proceedings. We reconstruct the market at the relevant date and establish the value of a derivative or structured instrument independently of the bank that sold it.
Valuation
Accounts, exit, transfers
Fair value at the reporting date
Accountants, auditors, CFOs
Valuation of derivative instruments at the closing date, with a methodology note setting out data, models and parameters. The file is designed to be taken up by the auditor without rework.
Early termination value
Corporates, investors
You want out of a swap, a TARF, an accumulator or an autocallable before maturity. We compute the termination value and compare it with the bank's offer, to frame the negotiation.
Insolvency and estates
Insolvency practitioners, notaries, fiduciaries
Value of a book of derivatives or structured products in a distressed company, an estate or a partition. Close-out amount under the master agreement.
Expert reports in disputes
The report that counsel files
For a client in dispute with its bank over a derivative or a structured product. The report is written to be read by a judge and to withstand a trading desk.
- A
Value at the sale date
Fair value of the product on the market data of the trade date. The gap to the price charged measures the margin taken by the bank.
- B
True risk profile
Leverage, payoff asymmetry, loss of protection at knock-out, loss distribution. What the marketing documentation did not show.
- C
Value at the dispute date
Independent valuation, set against the mark reported by the bank.
- D
Close-out amount
Recalculation of the termination or liquidation amount under the terms of the applicable master agreement.
- E
Settlement offer
Present value of the bank's proposal, to set the perimeter of the negotiation.
Switzerland
Since 1 January 2025, a private expert report is a documentary exhibit within the meaning of art. 177 of the Swiss Civil Procedure Code. A report commissioned by a party is admissible evidence in its own right. Swiss matters are contracted under Swiss law, with jurisdiction in Geneva.
Terms for expert reports
Fixed fees, known in advance
| Engagement | Amount in dispute | Fee | Delivery |
|---|---|---|---|
| Full expert reportSections A to E | From 2.5 million | EUR 50,000 excl. VATor CHF 50,000 excl. VAT | 10 business days |
| Reduced-scope report | 1 to 2.5 million | EUR 25,000 excl. VATor CHF 25,000 excl. VAT | 10 business days |
| Follow-on workNegotiation, hearing, rebuttal report | 450 per hour | Per the court calendar | |
| Valuations for the accounts, exits, transfers | Fixed fee quoted within 48 hours | Per engagement |
The expert report fee is paid in full on signature and earned on delivery. The delivery period runs from receipt of the complete file and of payment. No success fee: the independence of the figure depends on it.
Contact
A matter already open?
Tell us the counterparty, the product, the trade date and the stage of the proceedings. We come back with a first reading.