Data provider Markit has launched Markit Document Exchange, a documentation library that allows financial institutions to post, manage and share compliance, counterparty credit and regulatory documents securely.
According to Markit, the service allows buy- 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 believes the new library will reduce the risks associated with documentation requirements and result in operational efficiency and cost savings.
The new library also aims to streamline the existing process of gathering documentation for regulatory, credit and compliance, which Markit believes is labour intensive.
Markit Document Exchange will act as a central repository for buy-side documents, which Markit says will reduce the need to provide and update documentation, and thus the potential for error. It will also provide the sell-side with a source of up-to-date documentation.
The new platform has launched with the support of five investment banks and two buy-side institutions: Bank of America, Citi, Deutsche Bank, JPMorgan, the combined ABN AMRO/RBS, Eton Park Capital Management and PIMCO.
“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,” said Edward Budd, director at Deutsche Bank, in a statement. “This should have tangible benefits for both buy and sell-side participants.”
Tracey Jordal, senior vice president at PIMCO added: “Markit Document Exchange provides a simple method of sharing documentation with our counterparties. Integrating Document Exchange into our daily workflow has streamlined our processes and controls, allowing us to focus on our core business.”