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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.

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