Financial information services provider, Markit, has announced a new partnership with Thunderhead.com’s ONE software, targeting capital markets and the establishment and negotiation of master confirmation agreements (MCAs).
Markit’s platform and services are widely utilized around the financial industry, including the integration by Thomson Reuters Eikon Messenger back in September.
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In its new partnership, Markit will work with Thunderhead.com’s ONE software utility, automating production and execution of MCAs and other capital markets documentation. According to a recent pilot program administered by Thunderhead.com, a panel of 11 global derivative trading firms utilizing MCAs garnered results in 30% less time than in existing paper methods.
According to Lansing Gatrell, Managing Director and Head of Counterparty Manager at Markit, in a recent statement on the partnership, “Automating how MCAs are created, negotiated and managed is just the first step for us and we aim to expand our partnership with Thunderhead.com to automate other trade and relationship documents ranging from credit support annexes to investment management agreements. This partnership exemplifies how Markit collaborates with third party providers to offer centralised, highly scalable services that help the industry reduce costs and become more operationally efficient.”
“Our valued partnership with Markit has led us to build a service that will help the derivatives trading community to reduce risk and streamline the trade process for OTC derivatives. By joining our ONE for Capital Markets solution to Markit’s Counterparty Manager, we have created an on-demand solution that will make the industry more efficient and enable users to meet the demands of a rapidly evolving regulatory landscape,” added Robin Moody, Global Head of Capital Markets at Thunderhead.com, in an accompanying statement.