29 August 2015

Isda enlists Markit for OTC documentation Dodd-Frank compliance

08 June 2012  |  4466 views  |  0 Digital Abstract

The International Swaps and Derivatives Association (Isda) has called in Markit to help it develop a system enabling counterparties to amend their over-the-counter derivatives documentation for Dodd-Frank compliance.

Major dealers may have over 10,000 counterparties with whom they have signed Master Agreements, and many end-users may be counterparties with multiple dealers, creating huge legal and administrative complexity.

To help tackle this, Isda is leading an industry-wide initiative to produce a series of amendments to existing documentation and provide standardised counterparty questionnaires.

Unlike with previous Isda protocols where amendments were effected solely with delivery of an adherence letter, this one will include additional bilateral requirements and the exchange of paperwork and questionnaires.

Markit was chosen to develop an electronic document exchange service in response to an RFP issued by Isda. The pair plan to have an electronic questionnaire and reporting structure operational by 1 August ready for compliance with the Dodd-Frank External Business Conduct rule October deadlines.

Robert Pickel, CEO, Isda, says: "Isda is very pleased to work with Markit to provide an important service to firms who are faced with significant compliance requirements within a very short timeframe. We believe it will be an effective, efficient solution for market participants in the US and eventually in Europe and around the world."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

29 September, 2011
13 July, 2011
25 March, 2011

Related company news

 
Your browser is unable to support Flash files.
Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
Android Pay could launch this week
6273 views comments | 26 tweets | 22 linkedin
FIS opens Indian financial inclusion lab
5781 views comments | 14 tweets | 2 linkedin
SunGard system glitch causes havoc for BNY...
5479 views comments | 12 tweets | 12 linkedin
Kenya's NIC Bank links to Twitter and What...
5156 views comments | 27 tweets | 14 linkedin
Wirecard bids for Worldpay - Bloomberg
4680 views comments | 10 tweets | 7 linkedin

Featured job

to £80K base + commission + bonus
London, UK

Find your next job