About a-team Marketing Services

A-Team Insight Blogs

Markit Launches Counterparty and Compliance Documentation Library

Subscribe to our newsletter

Data, portfolio valuations and OTC derivatives trade processing vendor Markit has launched a new documentation library that allows financial institutions to post, manage and share compliance, counterparty credit and regulatory documents securely.

Called Markit Document Exchange, the new service automates KYC, anti-money laundering and compliance certification processes in order to reduce risk and lower operational costs. It is aimed at both buy side and sell side clients and thus far, five banks and two asset managers have signed up for the service.

“We launched this service in response to the growing amount of regulatory requirements relating to compliance, credit and regulatory documentation,” explains Penny Davenport, managing director and head of Markit Document Exchange. “Our market research highlighted the need for an industry-wide solution that would deliver cost savings and greater operational efficiency to the document exchange process.”

Markit involved buy side and sell side institutions in the design of this new service to ensure it met the industry’s requirements, continues Davenport. Currently, Bank of America, Citi, Deutsche Bank, JPMorgan, the combined ABN AMRO/RBS, Eton Park Capital Management and Pimco are all supporting Markit’s service.

The documentation library has been added to JPMorgan’s onboarding processes in order to improve clients’ customer experience, explains Gretchen Markel, executive director at JPMorgan. Whereas Deutsche Bank views the new service as a strategic vehicle to significantly increase overall market efficiency, according to Edward Budd, director at Deutsche Bank.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: In data we trust – How to ensure high quality data to power AI

Artificial intelligence is increasingly powering financial institutions’ processes and workflows, encompassing all parts of the enterprise from front-office to the back-office. As organisations seek to gain a competitive edge, they are trialling the technology in variety of ways to streamline and empower multiple use cases. Some are further than others along the path to achieving...

BLOG

Data’s Role in AI Transition and Value Creation: Data Management Summit London Preview

The rapid adoption of artificial intelligence by financial institutions has required a heavy data management uplift as organisations have upgraded their systems to incorporate the new technology. It has also provided greater opportunity to squeeze even more value from data by enabling its efficient deployment across enterprises. Just how companies manage data for AI to...

EVENT

TradingTech Summit London

Now in its 14th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Regulatory Reporting Handbook – First Edition

Welcome to the inaugural edition of A-Team Group’s Regulatory Reporting Handbook, a comprehensive guide to reporting obligations that must be fulfilled by financial institutions on a global basis. The handbook reviews not only the current state of play within the regulatory reporting space, but also looks ahead to identify how institutions should be preparing for...