Markit Introduces New RFA Service for Legal Onboarding
Financial information provider Markit today announced the launch of its Request for Amendment (RFA) service, available through its Counterparty Manager and kyc.com.
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.”
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Interop after acquisitions remains daunting for buyers
Executives from a variety of vendors speaking at WFIC explained why desktop interoperability is important and why progress has been slow.
Should banks risk lightning hitting twice for CrowdStrike?
Bank tech teams divided on whether to give security vendor a second chance after update crash.
Northern Trust adds fixed-income capabilities for outsourced trading in Asia-Pacific
The custodian bank now offers 24/6 fixed-income trading coverage with desks in Chicago, London, and Sydney.
South Africa’s equity markets court HFTs with tech upgrades
Competition for flow has driven innovation in connectivity, risk, and data provision.
Dealer relief at delays to Refinitiv Matching’s tech migration
First phase of replatforming for Swiss spot pairs set to be pushed to mid-2025.
Kepler Cheuvreux builds proprietary execution platform with Adaptive
The broker wants to move away from third-party technologies as DORA’s risk management requirements could make vendor relationships more cumbersome.
Let’s grow the third-party risk playbook – CME security chief
The CrowdStrike outage has highlighted the need for the financial sector to adjust its game plan.
Facing platform shutdown, former IEX Cloud head buys its assets in 11th-hour bid
Tim Baker, Pedro Aguayo, and a silent partner have come together to purchase IEX Cloud’s assets days before the exchange was to retire all its products on August 31.