SmartDX from Smart Communications, the global industry standard for trade and relationship documentation, and IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, today announced the launch of new functionality for the ISDA 2016 Credit Support Annex (CSA) for Variation Margin (VM).
The integration of SmartDX into IHS Markit’s Counterparty Manager automates the production, exchange, negotiation and execution of the new ISDA 2016 Variation Margin CSAs, ISDA Master Agreements and Master Confirmation Agreements amongst other document types.
Through the service, SmartDX maintains a machine readable, controllable and audited copy of the document throughout the negotiation process. Documentation is stored alongside an accurate record of the data. This includes a complete audit trail of how the document was composed, negotiated and executed. Underlying data can then be consumed and actioned via an API to downstream systems.
Counterparty Manager is a secure document repository which sits at the core of IHS Markit’s regulatory ecosystem including kyc.com, tax, credit and legal entity data. It is used by approximately 80 banks, 900 buyside firms and 6,000 corporates. Through partnerships with SmartDX and ISDA for ISDA Amend, Counterparty Manager serves as an end to end service to digitise, reconcile, amend and negotiate documentation. ISDA Amend enables market participants to address noncleared margin rules with the Self Disclosure and Variation Margin Protocol. SmartDX serves as a flexible solution for managing bilateral amendments.
Guy Harrison, Managing Director, Regulatory and Compliance Services at IHS Markit, said: “New regulatory requirements for non-cleared margin, coupled with shifting deadlines across multiple jurisdictions are posing one of the biggest challenges across the financial services industry. Through our partnership with SmartDX we are automating how CSAs are created, negotiated and managed. This is a crucial element which solves the problem of extracting data from documentation and also meets the needs of bilateral negotiations that cannot be processed via the ISDA Amend Protocol.”
Robin Moody, Global Head of SmartDX, said: “Our valued partnership with IHS Markit has led us to build a service that will help the Capital Markets community to reduce risk and streamline the documentation process. By adding the ISDA 2016 Variation Margin CSA base templates to our SmartDX solution, we have made it simple for the community to consume the service by conducting a simple configuration to make them specific to their organization. Digital documentation processing is no longer a technology of the future, it is ready to use today.”
IHS Markit and Smart Communications, formerly Thunderhead, established its partnership in Q4 2014 to create an electronic service for various derivatives agreements.
For further information and details of how to register, please visit: https://www.smartcommunications.com/events/
SmartDX, the Capital Markets division of Smart Communications, is the industry standard for automating trade and relationship document generation, negotiation and processing. Trusted by all of the G15 investment banks and some of the world’s largest energy and commodity companies, SmartDX helps simplify the negotiation and execution of all trade and relationship documentation for all market participants, across all document types. SmartDX serves its global customer base from offices located in North America, Europe and Asia Pacific.
About Smart Communications™
Businesses around the world engage with their customers and each other every day. As communications and interactions with customers and partners become more complex, businesses now recognize that communications increasingly take place in an interactive and real-time context and are critical to success. The Smart Communications suite of solutions helps businesses to move beyond traditional enterprise communications using the most modern architecture and cloud capabilities.
Today, hundreds of brands globally from a diverse range of demanding industry segments including banking, insurance, government, retail and telecoms are using Smart Communications to deliver the new generation of customer and business communications. Smart Communications is headquartered in London and serves its customers from offices located in North America, Europe and Asia Pacific.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 key business and government customers, including 85 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. All other company and product names may be trademarks of their respective owners © 2016 IHS Markit Ltd. All rights reserved.