docGenix and Markit announced a strategic initiative combining docGenixs inSight analytics service with Markits document management platform.
Together both offerings will create a single platform for the management of complex legal agreements, such as storage, querying, reporting and dissemination. Mutual clients will benefit from Markit Document Exchange's coverage range as well as inSight's analytics.
Markit Document Exchange offers a secure platform for buy-side and sell-side institutions to exchange, store and access a wide range of documents. These include regulatory and compliance documents and trading agreements.
The service allows institutions to comply with regulatory requirements as well as industry best practice while operating more effectively. This limits documentation risk and saves costs. Launched in May 2008, the platform has 100 buy-side and sell-side users with key documentation for over 4,000 funds.
Combining technology, financial risk management and legal expertise, docGenix inSight offers market OTC derivatives market players with the ability to manage risks inherent in portfolios of International Swaps and
inSight converts the ISDA legal agreements into a structured XML format featuring both text and structured data. The document analysis tool called Synopsys offers the secure online ability to look at data, search text, collate or compare provisions of a particular type, as well as run critical stress tests based on hypothetical scenarios and across all or any part of a portfolio of agreements.
"Both docGenix and Markit are committed to providing clients with the tools they need to meet the enhanced risk management standards of the new age," said Daniel Mudge, chief executive officer of docGenix. We are excited about working together towards that common goal".
"We launched Markit Document Exchange last year to help financial institutions manage their documentation processes efficiently," said Penny Davenport, managing director and head of Markit document exchange. "By combining our platform with docGenixs analytics service, we are providing our clients with a full-service documentation risk management solution."
"We see this as a natural fit, combining deep analytical capability in a critical area with the impressive reach of Markit Document Exchange," said docGenix General Counsel John Berry. "The benefits will keep coming as we extend the coverage of inSight into new areas".