Markit Tackles Derivatives Paperwork with Thunderhead

Through the partnership, clients can now negotiate and create MCAs online, with a pilot scheme reportedly showing a 30 percent decrease in process time through using the system. It will see a general roll-out in the first quarter of 2015, and will later look to expand its coverage, including documentation such as credit-support annexes.

"Our valued partnership with Markit has led us to build a service that will help the derivatives trading community to reduce risk and streamline the trade process for over-the-counter derivatives," says Robin Moody, global head of capital markets at Thunderhead.com. "By joining our One for Capital Markets solution to Markit's Counterparty Manager, we have created an on-demand solution that will make the industry more efficient and enable users to meet the demands of a rapidly evolving regulatory landscape."