Business information giant Thomson Reuters Corp (NYSE:TRI) and Clifford Chance law firm have joined forces to help global financial institutions tackle in a timely, efficient and more cost-effective manner their most pressing regulatory obligations relating to margin rules for uncleared over-the-counter (OTC) derivatives.
Pressure on both buy-side and sell-side financial institutions is growing as new regulatory deadlines relating to margin for uncleared OTC derivatives loom large and the volume and complexity of contract work needed to meet compliance obligations increases. In addition, the internal challenge within all financial institutions to find further cost-efficient ways to operate has caused many to look again at their own internal processes, specifically their existing documentation and negotiation processes.
The collaboration between Thomson Reuters with Clifford Chance offers deep legal acumen and financial industry experience powered by highly efficient processes and advanced technology. Thomson Reuters is applying its proprietary contract automation software, Contract Express, and abstraction technology built specifically for OTC documentation. This Thomson Reuters technology platform enables its teams to rapidly generate compliant and consistent documentation to clients’ specifications, easily extract key terms from existing documentation and enable advanced analytics of the clients’ agreements, which ultimately results in cost and time savings.
Paul Landless
Paul Landless of Clifford Chance Singapore, said:
By working with Thomson Reuters we can combine our deep understanding of the difficult challenges financial institutions face with a powerful, scalable delivery platform to offer clients the best of both worlds. The fact that we can fully support from Clifford Chance teams across New York, London, Europe and Asia Pacific to work with Thomson Reuters places us perfectly to tackle both the local regulatory issues and the complex, international challenges our clients face.”
David Felsenthal of Clifford Chance New York added:
At Clifford Chance we are always exploring new ways of working to ensure we deliver our legal expertise in the best possible way for our clients across the globe, considering everything from deploying artificial intelligence to working with carefully chosen partners. This is particularly relevant for the complicated, multi-jurisdictional regulatory and documentation remediation challenges now facing the financial services sector.”
Currently supporting all of the major global banks, Thomson Reuters is deeply embedded in the financial services industry and well positioned to provide OTC derivatives documentation and negotiation services across the globe with its multi-shore, follow the sun model. In addition, the Legal Managed Services business of Thomson Reuters is currently engaged with five of the world’s largest investment banks to support them on their OTC derivatives documentation requirements.
Clifford Chance on the other hand has left a geographic footprint across 35 offices including all major financial centres.