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Financial information services vendor Markit has partnered with Thunderhead.com, a provider of trade and relationship documentation services, to establish an online service for creating and negotiating master confirmation agreements (MCA), officials say.
Under the partnership Markit will integrate Thunderhead.com’s One for Capital Markets, a software as a service (SaaS) product that automated the production, editing and execution of MCAs and other capital markets documentation, with Markit’s Counterparty Managers offering.
Counterparty Managers is a document management platform used by roughly 80 banks, 900 buy-side firms and 6,000 corporations for trading account onboarding, reference data management, regulatory compliance and other reporting.
A recent pilot program involving 11 of “the largest global derivatives trading firms” from the buy and sell side demonstrated that negotiating and executing MCAs took about 30 percent less time with the new service than via traditional paper forms, Markit officials say.
“Automating how MCAs are created, negotiated and managed is just the first step for us and we aim to expand our partnership with Thunderhead.com to automate other trade and relationship documents ranging from credit support annexes to investment management agreements,” says Lansing Gatrell, managing director and head of counterparty manager at Markit, in a statement.
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