Markit (Nasdaq: MRKT), a leading global diversified provider of financial information services, today announced the launch of its Request for Amendment (RFA) service, available through Counterparty Manager and kyc.com.  Working with three of the largest asset management firms including AB (formerly AllianceBernstein), RFA centralises and automates legal onboarding when adding accounts to existing master trading and custody account agreements.

Markit’s RFA service is designed to transform the way information is shared across the dealer community.  It reduces the cost of legal onboarding and provides transparency into a firm’s ability to be ‘ready to transact’.  The RFA electronic and standardised process allows asset managers to reduce operational risk by having a golden copy of trading documentation.

“As an existing Markit customer we have already derived efficiency in our onboarding process through the secure sharing of critical information across the dealer community,” said Gerardo Talamo, vice president and counsel at AB. “Markit’s RFA electronic service will significantly reduce the inefficiency of exchanging paper documents and emails, and will provide a complete audit trail and repository of all legal amendments.”

“The current process to onboard new accounts is cumbersome,” said Darren Thomas, managing director and head of Counterparty Manager at Markit.  “Equally challenging is managing the audit trail of multiple amendments without a central repository for legal amendment information.  Markit’s RFA, combined with kyc.com and Counterparty Manager, provides a single platform to initiate, automate and complete the intensive process of onboarding new accounts.”

Markit’s new service is built to allow trading counterparties to amend standardised legal agreements. Initially, RFA will support ISDA Master Agreements, Credit Service Agreement Addendums (CSAs) and Cleared Derivative Execution Agreements (CDEAs).  The service will be expanded to include additional trading agreements such as Repo agreements (MRAs/GMRAs), Master Securities Forward Transaction Agreements (MSFTAs), and Account Control Agreements (ACAs).