20 April 2018
Visit https://aciworldwide.webex.com

Isda enlists Markit for OTC documentation Dodd-Frank compliance

08 June 2012  |  5427 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)

Finextra news in your inbox

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

Related stories

OTC clearing rules to spur big tech spending - Tabb

OTC clearing rules to spur big tech spending - Tabb

29 September 2011  |  8354 views  |  0 comments
Dodd-Frank will push 60% of OTC volumes to central clearing

Dodd-Frank will push 60% of OTC volumes to central clearing

13 July 2011  |  12209 views  |  0 comments
ISDA issues RFP for commodity derivatives trade repository

ISDA issues RFP for commodity derivatives trade repository

25 March 2011  |  10495 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
https://www.capgemini.comVisit http://wup.digitalVisit http://go.jumio.com/finextraAd

Top topics

Most viewed Most shared
Revolut launches spare change savings toolRevolut launches spare change savings tool
9619 views comments | 14 tweets | 19 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
8806 views comments | 17 tweets | 31 linkedin
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
8384 views comments | 18 tweets | 23 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
8379 views comments | 16 tweets | 22 linkedin
Goldman Sachs acquires PFM startup Clarity MoneyGoldman Sachs acquires PFM startup Clarity...
7938 views comments | 9 tweets | 10 linkedin

Featured job

Six-Figure Base + OTE + Benefits
London, UK

Find your next job