Markit, a provider of independent data, portfolio valuations and OTC derivatives trade processing, today announced it has launched Markit Document Exchange, a documentation library that allows financial institutions to post, manage and share compliance, counterparty credit and regulatory documents securely.
The new service allows buy-side and sell-side institutions to comply with regulatory requirements and industry best practice relating to compliance, credit and regulatory documentation. By automating Know Your Client (KYC), Anti-Money Laundering (AML) and Compliance Certification processes, Markit Document Exchange will reduce the risks associated with these documentation requirements and bring operational efficiency and cost savings to the process.
Penny Davenport, Managing Director and Head of Markit Document Exchange says: “Quick access to counterparty information is crucial from a regulatory and compliance standpoint as well as a business point of view. Markit Document Exchange simplifies the information management process for both the sell-side and the buy-side. We are pleased to provide an industry solution that will bring efficiency and cost savings to all types of market participants.”
Edward Budd, Director at Deutsche Bank says: “We view Markit Document Exchange as a strategic vehicle that will significantly increase overall market efficiency in the exchange of regulatory, credit and compliance related documentation. This should have tangible benefits for both buy and sell-side participants.”
Markit Document Exchange launches with the support of five global investment banks and two leading buy-side institutions: Bank of America, Citi, Deutsche Bank, JPMorgan, the combined ABN AMRO / RBS, Eton Park Capital Management and PIMCO.