Rates and Calculations

I am seeing <WFR> instead of rate values.

<WFR> means 'Waiting For Rate'. It indicates that the rate cannot be calculated because one or more of the supporting rates is not yet available.

Check that the DDE server is running. This must be running to supply data to Derivity Analytics. e.g. TwinDDE must be started to view TwinDDE data.
The correct database for the data feed must be used. Select Configure>System and check that the database selected is appropriate for the data feed.
The database must be configured for the data feeds on the machine. Refer to the document 'Getting Started with Telerate Derivity Analytics' for details on how to configure a database.

I am seeing Error instead of rate values.

Error indicates that the request is invalid or impossible to calculate. e.g. a request that settles on a past date.

The rate values are wrong.

The database rate settings could be incorrectly defined. Select the Configure>Database option from the right click menu. Open the appropriate tab for the suspect rate, and select the currency. The rate settings are shown in the top-right panel.
Check that the underlying data is correct.
If the rate is taken from a page, check that the page layout has not changed. Check that all digits are included e.g. if a page rate is setup as 9.123 and the page rate changes to 10.123 the rate will be taken as 0.123.
Check that the correct scaling factor is applied to forward values.

Setting a manual outright value does not change the corresponding forward.

Outright rates are calculated from the forward value, and not vice versa. If calculations are allowed to be implied in both directions then a 'circular reference' situation could arise with a mis-match of user-entered values.

The exception to this is in the database where forwards can be implied from quoted outrights.

Changing a forward/forward in FX View does not affect the cross forward/forward.

The reason for this is that the cross forward/forward calculation does not involve the underlying currencies' forward/forwards, but the cross forwards for the near and far dates.

For example, GBPUSDCHF 3M X 6M is calculated from GBPUSDCHF 3M and GBPUSDCHF 6M, not GBPUSD 3M X 6M and USDCHF 3M X 6M.

The underlying currencies' forward/forward rates are shown for reference ('to fill in the blank cells'), not to imply any participation in the cross result.

A request for today to tom/next is shown as quoted, even though it is not in the term structure.

This rate can be directly made up from the ON and TN quoted rates, by summing the values. As this can provide a completely objective result it is displayed as quoted, whereas other non-quoted rates will involve interpolation i.e. a calculated element.

There are different values for the same forward/forward request.

When calculating a 'cross' forward/forward, constructed from two currency pairs, which due to a holiday, have different spot dates, the user may notice some pricing anomalies.

Using GBPUSDCHF as an example, with a Swiss holiday 'tomorrow', the user may request in FX View '3m x 6m' i.e. the 3 month against 6 month forward/forward for GBPCHF. This value is primarily calculated from the forward/forward rates for GBPUSD and USDCHF.

If now, in a GBPUSD display, the user requests the forward/forward with the same value dates, he will notice that this price has the same mid-point as that for the GBPUSD component in the 'cross' display, but will have a slightly wider bid/ask spread.

This apparent paradox arises because in the 'cross' display, the '3m x 6m' rate shown is calculated from the respective 3m and 6m rates for value dates appropriate to the 'cross', and are thus effectively forward/forwards. This introduces into the computed price a bid/ask spread increase equal to twice the bid/ask spread for the swap between the two different spot dates. This is entirely normal.

Derivity Analytics is constructed this way to allow the user to overwrite the 3m or 6m rates in the same 'cross' display, and witness the change in the forward/forward rates, both for GBPUSD and GBPCHF, to allow 'what-if' modelling without recourse to opening another display. Thus in the 'cross' display the '3m x 6m' rate is directly related to the '3m' and '6m' rates.

If the user so wishes, he can eliminate the increase in bid/ask spread on the forward/forward by requesting the GBPUSD swap between the two spot dates, and manually set it to an either-way market, by adjusting either of the bid or ask.

This situation only arises when a holiday situation as explained above occurs, and is unavoidable in preserving the computational integrity of Derivity Analytics.

How can I replace Futures Bid/Ask prices with the Last price?

Select the appropriate Futures term structure in the database, and change the Fields value to LAST,LAST,LAST,[Close field code here].

Installation

When I start Derivity Analytics it 'hangs'.

The application files did not install correctly. Check that the installation was run with file and registry read/write permissions.
The Microsoft Data Access Components are not correctly installed.
The database file is read-only. Set the file properties so the file is not Read-only.

The message Database Connection Failed is shown when I try to start Derivity Analytics.

The required Microsoft Data Access Components (MDAC) are not correctly installed. The suggested approach is to (re)run the MDAC installation.

What files are installed?

User Files: The database(s), the Smart Pad settings file and the stored display files are installed to a User Files folder.

Can I reduce the time it takes to start Derivity Analytics?

The whole content of the database is loaded. Reducing the number of currencies, term structures and terms defined in the database should improve the load time.
The application may be set up to update holidays on loading. This involves requesting the holiday data, which is dependent of the speed of the data server. This option may be turned off in the System Configuration (select Configure>System from the right click menu), although of course your database holidays will not be updated.

Displays

There aren't enough rows in FX View. / I am not interested in seeing Option prices in FX View.

Also applies to: FX Multi View, FX Arbitrage, FX Quick View, FX Option Quick View, FRA Quick View

Select Configure>Panel from the right click menu.
Enter how many rows you would like to view. Note that you may also show or hide any supporting panel. e.g. the FX Option panel in FX View.
The panel will resize internally. You may then need to resize the display - select Default Size from the right click menu.