Markets.
One market: the benchmark US high yield credit index, already traded in the trillions each year.
An official index settles the market.
Markets trade opinions. Settlement follows one official number, published daily by the index administrator. No votes, no judges. The number decides.
Daily publicationsEach dollar divided
01
A scoreboard exists.
An official index tracks stress in US high yield credit: up in fear, down in calm. RAVA does not create or edit the number.
02
The market predicts it.
Every dollar in the market backs two opposite predictions: stress and calm. The two prices sum to about one dollar, so the live price is the market's forecast of where the number finishes.
03
The scoreboard settles it.
At the end of each window, settlement reads the official level and divides every escrowed dollar by the published rule.