Abstract: In one aspect, the present invention comprises a method comprising the following steps: receiving high frequency trading and pricing data for a security; estimating current volatility of price of the security based on the high frequency trading and pricing data; forecasting future volatility of the price using two or more volatility forecasting models; back-testing each of the two or more models out-of-sample; ranking the two or more models in terms of reliability of each of the models, over a recent period of time, for the security; and reporting volatility forecasts of each of the models to a user, along with each model's reliability ranking.

Abstract: The fair value of a fund is determined by analyzing various factors indicative of how each underlying asset of the fund would be valued on the open market. The fund may be an international mutual fund that includes underlying assets, which include international equities. Because some of the underlying assets may not be traded in a liquid market at the time of valuation of the fund, a reliable estimate of the value of such underlying assets must be made based on available data related through historical correlations. The fair value of the fund is determined based on the estimated or actual values of each of the underlying assets.