ALaS Consulting has introduced Trading Contract Solutions (ALaS TCS), a new practice aimed at helping financial services clients expedite trading contract negotiations and revenue flow. ALaS, a firm focused on finance and operations controls, process design and reengineering, named Victor Waingort and David Shimala to build out its TCS offering.
The ALaS Trading Contract Solutions practice addresses credit, risk, operational and legal-related issues. As part of TCS, ALaS consultants assess regulatory reporting readiness relating to trading contracts and systems, analyze and document the current state process and perform gap analyses and future state workflow evaluations. They can also reengineer contract-related systems, processes, procedures and controls.
According to Stephen Bruel, research director at TowerGroup, "The new regulatory environment and the need for increased revenue are driving capital markets firms to focus on the process and systems relating to their derivatives trading contracts." ALaS TCS professionals support those initiatives and peaks in volume by offering full outsourcing of contract negotiations as well as documentation, administration and maintenance of trading agreements, including:
- ISDA Master Agreements /Schedules
- Credit Support Annexes (and other collateral documents)
- Prime Brokerage Agreements (Give-Up Agreements)
- Master Repurchase Agreements
- Master Securities Forward Transaction Agreements
- Securities Lending Agreements
- Tri-Party Agreements
- Rate Cap Agreements
"Drawn-out contract discussions and time-consuming red tape can harmfully impact revenue," stated Jim Arvia, practice leader of ALaS TCS. "We are proud to offer our clients a straightforward trading contract solution administered by industry veterans."
Victor Waingort was most recently global manager for trading documentation at Bank of America where he supervised a team of more than 35 trading contract negotiators. Prior to that, he practiced law at Allen & Overy where he focused on structured finance and derivatives transactions. Waingort is a graduate of Fordham Law School and has a B.S. in accounting from Brooklyn College. Victor also holds Series 7 and 63 Licenses.
David Shimala has 20 years of experience in the financial services industry working at institutions such as Bank of America, Banc One Capital Markets, JPMorgan, ABN AMRO Bank, LaSalle Bank National Association, Fuji Securities, and Alaron Trading. His expertise encompasses the vetting and negotiation of highly complex derivative contracts and trading agreements.