Markit, a provider of financial information services, has unveiled a new request for amendment (RFA) service for asset managers.
Offered through Counterparty Manager and kyc.com, the service will centralise and automate legal onboarding when adding accounts to existing master trading and custody account agreements.
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The RFA service, which is now used by three asset management firms including AB (formerly AllianceBernstein), aims to transform the way information is shared across the dealer community.
The service has been designed to cut cost of legal onboarding and provides transparency into a firm’s ability to be ‘ready to transact’.
The new service will enable trading counterparties to alter standardised legal agreements.
Markit said that RFA will initially support ISDA master agreements, credit service agreement addendums (CSAs) and cleared derivative execution agreements (CDEAs), with plans to include additional trading agreements such as Repo agreements (MRAs/GMRAs), master securities forward transaction agreements (MSFTAs), and account control agreements (ACAs).
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By GlobalDataAB vice president and counsel Gerardo Talamo said: "Markit’s RFA electronic service will significantly reduce the inefficiency of exchanging paper documents and emails, and will provide a complete audit trail and repository of all legal amendments."
Markit managing director and head of counterparty manager Darren Thomas said: "Markit’s RFA, combined with kyc.com and Counterparty Manager, provides a single platform to initiate, automate and complete the intensive process of onboarding new accounts."
