Tier 1 Bank BAU Support
We have worked alongside our Tier 1 banking client since 2009 supporting their prime side and global markets teams on an ongoing and daily basis.
Our team operates within the client’s systems for the entire lifecycle from capacity checking at the outset through reviewing and negotiating a full range of documentation and preparing execution bundles for four eye review and execution.
The team liaise directly with counterparties and internal stakeholders in addition to attending online, and from time to time, in person meetings.
The team is involved in internal meetings, provides updates, carries out four eye checks on documentation and receives appraisal feedback on their work as part of the internal team.
The team work effectively together, supporting each other and sharing knowledge which creates efficiencies in the negotiation process.
Global Energy Company BAU Support
We work alongside our client, a global energy company that operates in over 70 countries with a small team supporting the oil and power desks in Australia, Singapore and Europe within our fully secure remote environment.
We attend online internal review and strategy meetings; draft, review and negotiate financial derivatives documentation; create template documentation; provide market insight and advice and analysis of current documentation. Our team liaises directly with stakeholders and counterparties, attending online meetings and conference calls.
The wealth of in-house experience allows our team to work closely with their legal counterparts, proposing enhancements and providing support across the entire documentation lifecycle.
UMR Project for Tier 1 Bank
Our client is within the ‘Bulge Bracket’ of global banks and one of the world’s leading financial institutions offering the full range of financial products to individuals, corporations and governments.
We were mandated to provide negotiation support to our client’s team of Subject Matter Experts in the conclusion of its Uncleared Margin Rules (UMRs) documentation with its predominantly buy-side counterparties captured by Phase 6 of the UMRs.
Initially running for a period of six months, for three years we negotiated the full suite of UMR documentation with a range of client types.
Working in our fully secure remote environment, we managed a rolling book of negotiations, including those for the higher priority Prime Brokerage counterparties. Our team reached out directly to the client’s stakeholders and each counterparty.
Regular reporting ensured that the client was fully appraised of progress and enabled our team to proactively manage the changing priorities of the book.
Stock Lending Funding Platform Set-Up
A small team worked alongside our client, a financial services group that offers banking and insurance services to personal, business and corporate customers in the UK, the US and parts of Europe. Our client wanted to establish a stock lending funding platform.
Our team worked on the triparty arrangements and documentation in addition to the full suite of bilateral documentation, preparing papers for presentation to the board of directors, developing and drafting confirmations to ensure compliance with existing systems and processes as well as analysing the legal position and risks in a default scenario.
IBOR Remediation
We acted for several financial institutions – both buy and sell side – in IBOR remediation projects. Several clients approached us for support with documenting and managing the changes to CSAs that needed to be made as a result of the move away from the IBOR rates.
We assisted our clients through the entire life cycle; reviewing documentation with technology support to identify the portfolio, liaising with stakeholders as to what amendments would be necessary and negotiating and documenting these amendments before preparing documentation for execution.
Reporting data was provided on a regular basis to ensure full transparency for our clients as to the progress of the projects and managing priorities.
Remote ISDA Training
We were commissioned by a buy-side client to conclude a series of inaugural ISDA Master Agreements and Credit Support Annexes to enable delivery of their product suite to their clients.
Working closely with the client’s stakeholders, we also developed their OTC derivative trading policy for approval at board level, enabling them to share with their client’s their strategy and approach.
Following this, the client asked for more in-depth training on the documentation; the issues that arose during the negotiations; and those issues that we more typically encounter in the market, to their Legal, Credit. Operations and Client Relationship teams. This was structured as a series of online presentations with workshops and Q&A sessions.
In-person Trading Documentation Training
A financial services group offering banking and insurance services to Europe, the United Kingdom and the United States had a requirement for updated training to its Legal and Operational teams across the suite of its primary trading and clearing documentation in addition to an overview and update of market developments and practices.
We conducted the training in person at the client’s Head Office and over two days delivered a presentation on the structure of the ISDA Master Agreement, the Credit Support Annex, the Global Master Repurchase Agreement, and the Global Master Securities Lending Agreement. We also covered the business and the legals relevant to OTC derivatives clearing, with a deep dive into their clearing documentation.