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Article: Margin Agreement Platforms Have Become Like London Buses...

14 November 2018 | Bill Hodgson

...there's never one when you need one, then suddenly three come along at once.

The legal profession seem to have remained stuck with Word and Email to handle negotiations whilst other parts of the OTC market have invested heavily in automation. Both ISDA and market participants recognise the mountain of work to reach September 2020 and the final phase of UMR, nobody disagrees that there ought to be better ways to put margin agreements in place. Yet, much like trading platforms, liquidity may be split across (at least) three platforms aimed to solve similar problems.

MarginXchange is a consortium between SmartDX, Allen & Overy and IHS Markit. The SmartDX platform already provided a high level of automation from term sheets through to electronic execution and data delivery. With the input of IHS Markit and A&O the platform will connect with the Counterparty Manager service, and use knowledge from A&O to guide the creation of pre-made templates for UMR & IM. Next is

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