The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Markit Launches Counterparty and Compliance Documentation Library

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.

Related content

WEBINAR

Recorded Webinar: Trade surveillance: Deploying monitoring and surveillance capabilities for today’s new normal

Let’s face it: The old ways aren’t coming back. A plethora of challenges brought on by the covid-19 pandemic, coupled with unrelenting market volatility and uncertainty, have pushed financial service firms to look for rigorous monitoring and surveillance solutions to meet the demands of the emerging trading landscape. Working from home (WFH) has increased the...

BLOG

GLEIF Details Technologies Underlying Digital Version of LEI, the Verifiable LEI

The Global Legal Entity Identifier Foundation (GLEIF) has published issuance and technical infrastructure models for the verifiable LEI (vLEI) system it introduced back in December 2020. The vLEI is a secure digital attestation of a conventional LEI and is designed to extend the use of the identifier and, ultimately, enable instant and automated identity verification...

EVENT

Data Management Summit London

The Data Management Summit Virtual explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.

GUIDE

Regulatory Data Handbook 2020/2021 – Eighth Edition

This eighth edition of A-Team Group’s Regulatory Data Handbook is a ‘must-have’ for capital markets participants during this period of unprecedented change. Available free of charge, it profiles every regulation that impacts capital markets data management practices giving you: A detailed overview of each regulation with key dates, data and data management implications, links to...