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Margin Xchange

Transforming IM negotiations

Built in partnership with Allen & Overy, SmartDX, and IHS Markit, Margin Xchange is an online platform built to seamlessly and efficiently cover all stages of mass repapering of derivatives contracts required to comply with Initial Margin (IM) regulations. It enables fully customized IM negotiations of CSA, custodial agreements, and eligible collateral schedules that connect the banks, buysides and custodians to comply with uncleared margin rules. With Margin Xchange you can transform your IM negotiations. We help you to:

  • Reconcile counterparty data
  • Automate document generation
  • Manage bilateral and custodian documents - including collateral
  • Conduct online negotiation using your chosen resource model
  • Access audit trails throughout the negotiation process 
  • Transform case management with an intuitive dashboard 
  • Capture data for all commercial terms
  • Export data to internal systems, custodians and utilities 

The Margin Xchange platform utilizes Counterparty Manager to run the entire process of providing information reconciliation, document generation, negotiation and execution, case management and a full data export. The platform captures a full audit trail of all negotiation points, internal escalation and sign off, and enables electronic signature. Most importantly, Margin Xchange™ achieves the long-held goal of treating derivative documents as data with a document format that is both human and machine readable.

Documents will be captured as data rather than text, and allow for downstream collateral and risk system connectivity providing higher quality data that does not need to be rekeyed. 

Reducing time and costs

Margin Xchange reduces time and costs through effective negotiations

  • Negotiate Term Sheets and full Initial Margin documents online
  • Check to ensure that all required data variables have been completed
  • Includes Custodian documents and Eligible Collateral Schedules included
  • Includes Standard fallbacks
  • Customise your template elections and fallbacks
  • Automatically creates Deltaviews viewed online and shows changes from the previous version shared between the parties
  • Eliminates the need for email exchanges of interim draft documents
  • Allows negotiators to post comments to Counterparty alongside drafting points to explain negotiation position; all stored as data in an audit trail
  • Enables execution by e-signature
Transforming case management

Margin Xchange transforms case management with these benefits

  • View your IHS Markit dashboard with at-a-glance indicator status 
  • Track each stage in negotiation and individual negotiation points
  • Monitor workflow to report progress to regulators and spot logjams
  • See Audit trail of who was responsible for the changes
  • Capture Escalation comments for internal sign-off (not visible to Counterparty)
  • Record Internal sign-off
Enhancing governance and flexibility
  • Clone Term Sheets and full documents for multiple counterparties
  • Continue to use your preferred internal or external negotiation resource
  • Control negotiators’ authority (e.g. ability to deviate from default negotiation position and enter free text)
  • Greater flexibility to adjust negotiating resource (status of negotiations is captured on-line)

Key Documentation

Margin Xchange contains over 28 document types which can be utilized and customized.

  • Our documentation suite covers all four Phase 1 & 2 tripartite Custodians, with future expansion planned for further tripartite and third party custodians 
  • Eligible collateral schedules reflect wide range of commonly seen portfolios
  • Documents are designed for EMIR, CFTC, PR and Japanese rules 
  • Our handbook provides operational instructions on how to use Margin Xchange, from initial outreach to completion of negotiation. The playbook:
    • ­Explains each stage of the negotiation
    • ­Identifies each election, explains the consequence of making such an election, describes default setting and identifies any interdependencies between such elections
    • ­Includes technical instructions for wider stakeholders (such as collateral management, ops and other functions) to utilise the reporting, data extraction, e-signature and other features of the platform

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