| bivio uses
Commodity Systems, Inc. (CSI)
as its source for price quotes. CSI is one of the largest suppliers
of financial data to financial websites. The prices on bivio are
likely to agree with those of major websites (e.g. Yahoo!).
Prior to bivio, most clubs maintained their accounting records
offline, using prices from the web or their local newspaper. bivio
has eliminated the menial task of entering valuations by hand and
the concomitant transcription errors.
Discrepancies among Providers
There are alternative data suppliers to CSI, such as
Standard and Poor's and
Media General Financial Services.
The databases do not always agree. We cannot dictate which database
is correct. Instead, our policy is to maintain data consistency,
i.e. to rely on the prices CSI gives us.
Updating historical prices is problematic. Any time a price changes,
we must ensure all bivio clubs' books are correct. For irrevocable
transactions, e.g. withdrawals, we must adjust for the price change.
We also must notify all clubs affected by this adjustment.
Meaning of Valuation
The only true value of a club's holdings is to convert (sell) all
non-cash investments. A nightly valuation of this sort would be
extremely costly, of course, as it would incur commissions. Any
other valuation is only an approximation.
Many clubs use the price in their local newspaper to value their
club's portfolio. This is as legitimate as relying on bivio or any
other Internet provider. Again, consistency is paramount.
Committed to Quality
bivio is committed to providing the highest quality service.
We take the issue of data quality very seriously. Our CEO has
his Ph.D. in astrophysics. Our CTO spent many years working on
multi-vendor price quote databases. Rest assured that we take
the issue of price discrepancies between price databases very
seriously.
We appreciate your understanding. If you notice errors in calculating
your club's valuation or gross errors in closing prices, please contact
us. As always, our support team will respond to the problem immediately.
CSI bases its data input on sources believed by it to be reliable
and will endeavor to ensure that the data are complete, accurate and timely.
However, CSI does not represent, warrant, or guarantee such completeness,
accuracy or timeliness, and it shall have no liability of any kind
whatsoever to bivio's customers, or to any other party, on account of
any incompleteness of, inaccuracies in or untimeliness of the CSI
data provided. CSI expressly disclaims all warranties of fitness of
the data or computations and analyses thereof for a particular purpose
or use.
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