The International Swaps and Derivatives Association (ISDA) has chosen technology from Boston-based Beachfire for the negotiation of ISDA master agreements by member banks and institutions worldwide.
Beachfire's Collaborative Agreement Builder software offers a secure Webspace where virtual teams can manage all of their negotiations, discuss terms and conditions online, edit contracts, and finalise agreements with their business partners. The application also tracks the participants, discussions, edits and approvals, preserving a comprehensive audit trail of the negotiation and providing an archive of closed deals.
Robert Pickel, executive director and CEO of ISDA, says: "ISDA has selected Beachfire to become what we anticipate will be the global technology standard for the online negotiation of derivatives master agreements."
He says the solution will enable ISDA members to dramatically improve the way they put in place master agreements by "reducing risk, shortening negotiation time, increasing efficiency, reducing errors, and supporting the complex human give-and-take of the negotiation process."