Thomson Reuters to Offer Clients OTC Derivatives Documentation Solutions

Thomson Reuters has teamed up with Clifford Chance to help global financial institutions with their regulatory obligations.

Thomson Reuters, a premier source of news and information for professional markets, and Clifford Chance, one of the world’s pre-eminent law firms, have joined forces to help global financial institutions tackle their most important regulatory obligations relating to margin rules for uncleared over-the-counter (OTC) derivatives in a timely, efficient and more cost-effective manner.

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The partnership offers a flexible and rapidly scalable technology-enabled solution that will empower financial institutions to meet their current and future multi-jurisdictional regulatory obligations using an innovative approach to contract negotiation and documentation.

Regulatory Pressures

The pressure on both buy-side and sell-side financial institutions continues to increase as new regulatory deadlines relating to margins for uncleared OTC derivatives are looming and the volume and complexity of contract work needed to meet compliance obligations increases.

In addition, the internal challenge within all financial institutions to find further cost-efficient ways to operate has made many of them look again at their own internal processes, particularly their existing documentation and negotiation processes.

Synergies

The collaboration between Thomson Reuters and Clifford Chance offers deep legal acumen and financial industry experience powered by highly efficient processes and advanced technology.

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Thomson Reuters will be applying its proprietary contract automation software, Contract Express, and abstraction technology built specifically for OTC documentation. This Thomson Reuters technology platform enables its teams to rapidly generate compliant and consistent documentation to clients’ specifications, easily extract key terms from existing documentation and enable advanced analytics of the clients’ agreements, which ultimately results in cost and time savings.

Gregory McPolin, chief operating officer of Thomson Reuters Legal Managed Services, commented: “Thomson Reuters supports financial institutions with their ongoing master documentation needs by leveraging a global team comprised of OTC derivatives documentation lawyers and professionals with direct experience working in major financial institutions.”

Thomson Reuters is well positioned to provide OTC derivatives documentation and negotiation services across the globe with its multi-shore, follow the sun model. In addition, the Legal Managed Services business of Thomson Reuters is currently engaged with five of the world’s largest investment banks to support them on their OTC derivatives documentation requirements. 

The company teamed up with research firm New Constructs earlier this month to offer innovative investment research to Thomson ONE North American Wealth Management clients, as reported by Finance Magnates.

Clifford Chance, with a geographic footprint across 35 offices including all major financial centres, is the market leader in all areas of derivatives-related regulation attesting to their knowledge and success in ISDA-related documentation initiative.

 

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