Document remediation projects are not new. Anyone working in Capital Markets in recent years can probably describe the steps involved as they tend to be similar each time. Recent battle scars in the derivatives world include Uncleared Margin Reform (UMR) where large volumes of derivatives documents had to be amended – first for variation margin and more Read more about LIBOR Benchmark Reform and Regulation in Lyncs[…]
Are you on top of your trade contracts with respect to BRRD and the 43 information fields required? The required BRRD information must be drawn from a combination of transactional, reference and legal contract data. While most banks will have the transactional and reference data in a digital format, many will not have the required Read more about Support for the Bank Resolution and Recovery Directive (BRRD)[…]
Logical Construct selected for RegTech 100 2019
Initial Margin Deadlines Looming With the next phase of the Initial Margin (IM) for uncleared derivatives in progress, increasing numbers of market participants will need to comply over the next 3 years. So far, only the largest sell-side banks have implemented, but more market participants with less pre-existing infrastructure will be caught by phases 3 Read more about Logical Construct announces support for Initial Margin[…]
The legal industry is ripe for an injection of modern technology and that has not gone unnoticed by myriad start-ups all vying to bring the revolution. Creating better ways of doing things is often the easy part; the culture shift required for adoption is much harder, particularly when dealing with a profession steeped in tradition. Read more about The future of financial contract documentation[…]
Still sprinting for finishing line of Uncleared Margin Reform? Hope you are keeping good records!
With the banking regulation spotlights focused heavily on uncleared margin reform (UMR) for the last 6 months, you might not have noticed the latest Bank Recovery and Resolution Directive update on record keeping for financial contracts coming into law in October 2016, requiring banks to maintain specific, minimum records on their financial contracts.
Logical Construct launches Variation Margin data capture solution to help banks meet the uncleared margin reform deadlines.
If you value the accuracy of your data and want to do something better in less time, come and talk to us.
Margin reform regulation requires non-cleared derivatives users to repaper their ISDA documentation.
Vendor offerings exist to address client outreach through renegotiation, including smart, rule driven solutions that cover document assembly and metadata recording at point of authoring.
Few are addressing how this co-exists with legacy documentation, or allows new documents and contracts authored elsewhere to be captured.
Industry utilities are fast becoming the new reality in the post financial crisis banking arena, with Know Your Client (KYC) and Collateral Management initiatives already in progress. The main driver behind this utility model is improved operational efficiency and the associated cost savings, yet many large financial institutions have yet to break through the misconception that ‘inside the firewall’ is always safe and ‘cloud’ is always bad.
The EU regulation on securities financing transactions requires new disclosures for collateral that can be reused to provide additional awareness of the risks that this can cause to collateral providers with complex collateral ‘chains’ (see Article 15).