MARKET DATA 14 Aug 2026
Sources & attribution SOFR / EFFR © Federal Reserve Bank of New York — subject to the Terms of Use at newyorkfed.org; the New York Fed does not sanction or endorse this product. €STR, yield curve, MIR and FX reference rates: Source ECB — for information purposes only. US Treasury par yields (public domain). SNB data, source: SNB. Bank Rate © Bank of England. TONA: Bank of Japan. CPI: BLS · Eurostat CC BY 4.0 · BFS. AFRs: IRS. Safe harbour: ESTV. Spreads: A. Damodaran, NYU Stern (Jan 2026).
Excluded by licence: Euribor (EMMI) · SONIA fixing (BoE) · SARON fixing (SIX). Daily fixings, not tradable quotes.
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Transfer Pricing · Intercompany Financial Transactions

Price every intercompany financial transaction to the arm's length standard

Guarantee fees, intercompany loans, cash pools: from transaction inputs to an audit-ready report with full OECD Chapter X methodology, public market benchmarks, and defensible documentation.

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IN CLOSED BETA WITH Chicago Booth — The University of Chicago Booth School of Business Polsky Center for Entrepreneurship and Innovation — The University of Chicago corporate beta users
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ON THIS PAGE Solutions Compliance Suite Key Benefits The Deliverable How It Works Data FAQ Pricing

ProductOne platform for pricing & defending financial transactions

Each solution takes you from inputs to a finalized, versioned analysis with Excel working papers and a 25–30 page Word report. Every output cites the exact OECD paragraph.

Interest Rates OECD §§10.51–10.108
Decomposed Yield

Intercompany Loan Pricing

Live government curve + Merton-anchored credit spread + sector overlay + country premium + liquidity and seniority adjustments. Every input publicly sourced.

Launch
On-Lending

Back-to-Back Margin Builder

External borrowing on-lent to an affiliate: derive the arm's length margin with transparent cost-plus allocation and sourced credit spreads.

Launch
ESTV Circular

Swiss Safe Harbor Rates

All four situations across 25 currencies from the published ESTV safe-harbor circulars, and flags when full documentation is required instead.

Launch
Guarantee Fees the floor–ceiling range, §§10.173–10.181
Floor · Expected Loss

Expected Loss Model

PD × LGD × cost of equity ÷ exposure: the minimum a rational guarantor accepts. CAPM inputs from Damodaran; Basel supervisory recovery values.

Launch
Ceiling · Yield Approach

Yield Spread Model

Standalone borrowing cost minus cost at the guarantor's rating: the maximum benefit a borrower would pay for. Rating-differential spreads, no private data.

Launch
Cash Pooling & Credit Governance OECD §§10.109–10.148 · §§10.62–10.82
Synergy Split

Cash Pool Rate Allocation

Arm's length deposit and borrow rates per participant, leader remunerated cost-plus, synergy allocated to net depositors. Multi-currency with dated ECB reference FX and official overnight fixings.

Launch
Vela Scorecard

Credit Rating Scorecard

Transparent sector scorecards with S&P-style group notching: the analytical backbone of every pricing module.

Launch
Bespoke Analysis & Rate Defense audit challenge · human-led · added-fee
When you need a human

Bespoke Rate Defense

Rates challenged in audit, commercially critical pricing, or structures beyond pure modelling: send the facts and receive a tailored defense with full comparables, or a working session on the structure.

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Compliance suiteDocumentation, valuation & compliance around every transaction

Beyond pricing financial transactions: the compliance layer of the TP file. OECD-conform local files drafted from a structured intake, intercompany agreements from the correct clause library, enterprise valuation for restructurings and intangibles, and multi-jurisdiction monitoring — with CbCR, DEMPE mapping and ESG on the roadmap.

Valuation & Compliance OECD Ch. I, IV, V & IX
FCFF DCF

Enterprise Valuation

Project financials onto industry data, discount at WACC, cross-check with a multiples football field.

Launch
Ch. IV · Preview

TP Compliance Monitor

Track transactions, credit profiles and compliance positions across jurisdictions; flags outliers.

Open preview
FAR · OECD Ch. I & IX

Entity Profiling & Contracts

Functional archetypes, guaranteed-return vs residual-profit view, and intercompany agreements drafted with the correct clause library.

Launch
OECD Ch. V · Annex II

Local File

Upload the completed intake workbook: Vela drafts the local file and runs a documentation risk scan — or work manually from the Word template.

Launch
Roadmap

CbCR · DEMPE · ESG

Country-by-country alignment, DEMPE value-chain mapping, and ESG impact, in development.

In development
22+
Rating methodologies
178
Countries covered
90+
Industry sectors
Live
Data APIs · historical & current

Why VelaBuilt to survive tax-authority review

Excel models break silently, lack audit trails, and don't scale across jurisdictions. Vela replaces fragile spreadsheets with methodology-grade infrastructure.

Legal defensibility

Every output cites the exact OECD paragraph, data source, and methodology step, structured for revenue-authority scrutiny.

25–30 page Word reports · §-level citations · sensitivity tables · data appendix · full audit trail

Jurisdiction coverage

178 countries, 25 ESTV safe-harbor currencies, live official yield curves, and multi-jurisdiction compliance monitoring in one platform.

ESTV Circulars (cited by number) · Basel supervisory LGDs · 22 sector scorecards · Damodaran country risk

Methodology depth

Every calculation is transparent: rating-implied PD from the EU regulatory benchmark (Reg. 2016/1799), Basel supervisory LGD by seniority, CAPM with Damodaran inputs, Merton structural overlay.

Public default data · IQR comparable logic · S&P-style borrower status framework

Output & integration

Audit-ready Word reports, Excel working papers, structured data. Every analysis versioned with inputs and methodology.

.docx · .xlsx · JSON API · versioned history · multi-user teams

Judge us by the deliverable

Every analysis ends in a 25–30 page Word report and a complete Excel working-paper file: OECD paragraph citations, sensitivity tables, sourced data appendix, audit trail. Put a redacted sample next to your current documentation and compare.

VELA · GUARANTEE FEE ANALYSIS Section 4: Yield Approach (OECD §§10.173–10.177)
Standalone cost of debt (BB, 5Y, EUR) ……… 6.42%
Cost at guarantor rating (A2) ………………… 4.71%
Gross benefit …………………………………… 171 bp
Arm's-length range: 34 bp (floor) to 171 bp (ceiling)

ProcessFrom input to audit-ready output

01

Define the transaction

Enter details or upload financial statements. Vela derives ratios, validates against sector benchmarks, flags inconsistencies.

02

Apply the methodology

The OECD-prescribed method for your transaction type; every assumption sourced and adjustable.

03

Export documentation

Arm's length price plus the full report package, submit-ready for any tax authority.

DataBuilt exclusively on public, citable sources

No licensed market-data feeds. Every number in every report traces to an open, authoritative publisher, and every figure is cited.

Central banks & administratorsGovernment yield curves (US Treasury, ECB, SNB) and overnight benchmarks (€STR, SOFR, SONIA, TONA) fetched from official endpoints; SARON is licence-restricted and entered by the analyst
Damodaran datasetsDefault spreads, sector betas, ERP, country risk premia, annually vintaged
FRED / ICE BofAOption-adjusted spread indices corroborating every rating bucket
Basel BCBSFoundation-IRB supervisory LGD by seniority class
OECD TPG 2022Chapter X §§10.51–10.188, cited at paragraph level throughout
Public default studiesSpread-implied PD with transparent derivation

SupportVela FAQ

Anything unanswered? Write to Jferrei3@chicagobooth.edu.

Who is Vela built for?
In-house tax and treasury teams, transfer-pricing advisers, and funds that need arm's length pricing for intercompany loans, guarantees and cash pools, with documentation that survives a tax-authority review.
What data does Vela use, and can I rely on it?
Public, citable sources only: central-bank risk-free curves, Damodaran datasets, FRED / ICE BofA spread indices, Basel supervisory parameters, OECD Guidelines. Every report cites the exact source and vintage of every number. There is no licensed data you would need to re-license to rely on the output.
Is a Vela report a tax opinion?
No. Vela produces indicative economic analysis structured to OECD Chapter X methodology, designed to support your transfer-pricing documentation. It is not tax, legal or accounting advice, and complex or contested positions should always involve your advisers. Vela's reports make that conversation faster and cheaper.
How do the guarantee-fee models fit together?
Two OECD-prescribed perspectives bracket the arm's length range: the Expected Loss model sets the floor (the minimum a rational guarantor would accept) and the Yield Approach sets the ceiling (the maximum benefit a rational borrower would pay for). Each produces its own 25–30 page report.
Can Vela derive a credit rating if we don't have one?
Yes. The credit rating scorecard derives a transparent, sector-calibrated rating from financials (uploaded statements or manual inputs), including S&P-style group notching and implicit-support logic per OECD §§10.62–10.82. That rating then feeds every pricing module consistently.
How are accounts created during the beta?
Access is provisioned personally by the administrator; there is no public signup. Request access and a workspace is set up for you with your login credentials.
What happens to files I upload?
Parsing runs entirely on Vela's own infrastructure. Statements are never sent to third-party services. Figures that cannot be confidently located are returned as blank and flagged for review rather than guessed.
Which currencies and jurisdictions are covered?
30 ECB reference currencies with dated daily FX (live-fetched, honestly labelled fallbacks), official overnight benchmarks (€STR, SOFR, SONIA, TONA) fetched from their administrators (SARON/SORA are licence-restricted and user-supplied), 178 countries for risk premia, and Swiss ESTV safe-harbor logic covering all four circular situations across 25 currencies.

PricingTransparent, per-license

Beta access is provisioned personally. Write to Jferrei3@chicagobooth.edu and your workspace is set up for you.

Free Trial
CHF 0
14 days · full access · no credit card
  • All pricing modules
  • Credit rating scorecard
  • Excel export
  • Up to 10 analyses
  • Email support
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Professional
CHF 1,900
per license / month · or CHF 15,000 / year (–34%)
  • Unlimited analyses
  • All 22 sector scorecards
  • Full working-paper exports
  • IRB engine with decomposition
  • Financial statement upload
  • Multi-user team access · priority support
Request Access
On the roadmapCbCR Analyser·DEMPE Value Chain Mapper·ESG & Sustainability Impact
VELA

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