Financial information provider Markit today announced the launch of its Request for Amendment (RFA) service, available through its Counterparty Manager and kyc.com, to accelerate fund launch support.
Markit’s RFA service is designed to transform the way information is shared across the dealer community. It reduces the cost of legal onboarding and provides transparency into a firm’s ability to be ‘ready to transact’. The RFA electronic and standardised process allows asset managers to reduce operational risk by having a golden copy of trading documentation.
Already working with three of the largest asset management firms including AB (formerly AllianceBernstein), RFA centralises and automates legal onboarding when adding accounts to existing master trading and custody account agreements.
The new service is built to allow trading counterparties to amend a range of standardised legal agreements. Initially, RFA will support ISDA Master Agreements, Credit Service Agreement Addendums (CSAs) and Cleared Derivative Execution Agreements (CDEAs). The service will be expanded to include additional trading agreements such as Repo agreements (MRAs/GMRAs), Master Securities Forward Transaction Agreements (MSFTAs), and Account Control Agreements (ACAs).
“As an existing Markit customer we have already derived efficiency in our onboarding process through the secure sharing of critical information across the dealer community,” says Gerardo Talamo, vice president and counsel at AB. “Markit’s RFA electronic service will significantly reduce the inefficiency of exchanging paper documents and emails, and will provide a complete audit trail and repository of all legal amendments.”
Adds Darren Thomas, managing director and head of Counterparty Manager at Markit: “The current process to onboard new accounts is cumbersome. Equally challenging is managing the audit trail of multiple amendments without a central repository for legal amendment information. Markit’s RFA, combined with kyc.com and Counterparty Manager, provides a single platform to initiate, automate and complete the intensive process of onboarding new accounts.”
Victor Anderson, who is in town from London, joins Anthony and James to dig into the key themes from Waters USA.Subscribe to Weekly Wrap emails
- American Financial Technology Awards 2017—All the Winners
- Buy-Side Technology Awards 2017: Best Buy-Side Performance Measurement and Attribution Product—FactSet
- Buy-Side Technology Awards 2017: Best Overall Buy-Side Technology Provider, 2017—FactSet
- Buy-Side Technology Awards 2017: Best Outsourcing Provider—SS&C Advent
- Buy-Side Technology Awards 2017: Best Buy-Side OMS—IHS Markit