docGenix, L.P. and Markit today announced a strategic initiative that will combine docGenix’s inSight analytics service with Markit’s award-winning document management platform.
The combination of docGenix inSight and Markit Document Exchange will create a single platform for the management of complex legal agreements, including storage, querying, reporting and dissemination. Mutual clients will benefit from the breadth of coverage of Markit Document Exchange and the sophisticated analytics offered by inSight.
Markit Document Exchange provides a secure platform for buy-side and sell-side institutions to exchange, store and access a wide range of documents, including regulatory and compliance documents and trading agreements. The service enables institutions to comply with regulatory requirements and industry best practice whilst operating more efficiently, reducing documentation risk and saving costs. Launched in May 2008, the platform has 100 buy-side and sell-side clients with key documentation for over 4,000 funds.
Combining cutting-edge technology with financial risk management and legal expertise, docGenix inSight provides participants in the OTC derivatives markets with an unprecedented ability to manage risks inherent in portfolios of ISDA legal agreements and meet the challenges being set by regulators, policy makers and industry groups. inSight converts ISDA legal agreements into a structured XML format that features both text and structured data. The document analysis tool, Synopsys, provides the secure online ability to query data, search text, collate or compare provisions of a particular type, and run critical stress tests based on hypothetical scenarios – across all or any part of a portfolio of agreements.
Daniel Mudge, chief executive officer of docGenix, commented: "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. We are excited about working together towards that common goal".
Penny Davenport, managing director and head of Markit Document Exchange, commented: "We launched Markit Document Exchange last year to help financial institutions manage their documentation processes efficiently. By combining our platform with docGenix’s analytics service, we are providing our clients with a full-service documentation risk management solution."
docGenix general counsel John Berry commented: "We see this as a natural fit, combining deep analytical capability in a critical area with the impressive reach of Markit Document Exchange. The benefits will keep coming as we extend the coverage of inSight into new areas".