Innodata Isogen, INC. launched docGenix, a newly formed division of Innodata, providing software products and services that help financial institutions manage large portfolios of legal and trade agreements.
docGenix provides web-based applications that enable financial services firms to generate, negotiate, monitor and analyze the negotiated provisions of master agreements and credit support agreements published by the International Swaps and Derivatives Association, Inc. (ISDA), as well as financial and legal documentation relating to repos, securities lending, prime brokerage, investment management and clearing.
Using the docGenix product suite, firms can proactively manage risks embedded in these documentssuch as ratings downgrade and net asset value triggersby performing deep portfolio analysis and stress tests. The docGenix applications also provide web services data feeds designed to interface with in-house applications (such as collateral and risk management systems) as well as third-party systems (such as swap data repositories).
“The problem with a large portfolio of legal agreements is that critical data contained within the agreements is effectively obscured,” says Jack Abuhoff, Innodata CEO. “Take, for example, a major financial institution with billions of dollars of risk in several thousand derivatives contractsif there’s a general market deterioration or if even just one of their counterparties fails or even just begins to deteriorate, the institution could lose tens of millions of dollars in the time it takes to have their lawyers read and analyze hundreds of pages of complex legal documents. With a docGenix data solution, not only can the institution react quickly with certaintyit can even be “war gaming” in advance, testing its portfolio under different scenarios.
Innodata acquired the docGenix brand name and certain technology components (including the XML data model) from an affiliate of Allen & Overy LLP, a global law firm with offices in 26 countries and principal external counsel to ISDA globally.
“Bringing together the data model and technology that were developed when docGenix was part of the Allen & Overy group with Innodata’s scale and proven document processing and technology capabilities creates a very strong solution for financial institutions who wish to proactively manage risk, reduce cost, speed reaction time to changes in market conditions or counterparty financial condition, and future proof for changes in regulatory requirements that are now on the horizon, Jonathan Brayne, partner and chairman of Allen & Overy’s Innovation Panel, says. We look forward to seeing the docGenix solution develop its potential under Innodata’s ownership.”
Michael Will, an alumnus of Clifford Chance and Allen & Overy LLP, has joined Innodata as president and chief product officer of the docGenix division. Will is a derivatives lawyer and technologist, with ten years of experience in applying sophisticated technology to complex legal documentation. Will was co-founder and partner in Allen & Overy’s Derivative Services affiliate and created the data model and technical architecture behind its award-winning netting and collateral products, netalytics and CSAnalytics.
“I am so very pleased to be part of Innodata,” Will says. “In addition to its proven ability to analyze mission-critical legal information with great accuracy and efficiency, Innodata has, over the past couple of years, quietly assembled an outstanding cadre of content technologists with whom I can continue to broaden and evolve the docGenix product set in compelling and innovative ways.”
(CM)