LONDON – April 8th, 2014 – Smart Communications today announced it is working with six of the world’s leading sell-side financial services firms and three buy-side organizations to pilot an industry initiative designed to dramatically change the way they interact on key documentation.
Supported by industry experts Sapient Global Markets, the initiative will focus on using Smart Communications’ online collaboration technology, SmartDX, to facilitate negotiation of a legal relationship document, a pre-trade document and a post-trade document.
The initiative will be launched formally at the ISDA AGM in Munich in April with a workshop to outline the success criteria and goals of the program. The main aim is to document the efficiency gains, risk reduction, and regulatory compliance enhancements, as required by the introduction of the EMIR and Dodd Frank regulations, that could be leveraged by having an agreed industry workflow for collaborating and executing documents.
Kevin Thorogood, Global Head of Capital Markets, said: “We are excited to have the chance, with our SmartDX solution, to work with some of the industry’s leading financial institutions, alongside Sapient Global Markets, to transform how the industry collaborates on trade and relationship
The industry is moving towards a goal of less documentation and faster trade processing times, however some documentation will always need to exist, both at a trade and relationship level. This initiative will focus on these documents and the tail of products that are not electronically confirmable.
Smart Communications is excited by this initiative as it continues to work with its clients on innovative solutions to add value to the industry and meet new regulatory challenges.