Global solution – central repository

As an online tool, MDE links departments and offices around the globe, improving the clarity and efficiency of processes in place. This ensures that all relevant departments/personnel have access to the most up-to-date counterparty documentation directly without the need to chase documents from the client or from disparate divisions and geographies.

Permission-based service

Organisations retain control of document distribution by giving explicit permission, at either a document level or a fund level, to relevant counterparties to view these documents.

The organisation granting permission has full control over who can view any document, whether within a single counterparty or across multiple counterparties. Thus it is possible to mould MDE to meet exact distribution requirements whilst retaining any privacy considerations.

User entitlements

Different levels of entitlement allow organisations to control the level of access for internal users. Those with lower entitlement can have view-only access, whilst higher entitlement users can grant or request permission for access to funds and corresponding documents.

Industry compliance and regulation

MDE reduces the amount of time and effort needed to ensure that client documentation meets regulatory and compliance rules. Markit constantly upgrades the service to incorporate statutory and industry-driven changes in documentation requirements so that MDE evolves with the needs of its users.

Comprehensive document and agreement coverage

MDE currently caters for over 90 document types clearly divided into 18 categories. Markit has created, with our design partner banks, a naming and categorisation convention to establish industry-wide consensus and standards. The categories include constitutional documents, financial statements, tax forms and counterparty documentation as well as agreements such as ISDA agreements, clearing agreements, and futures and options agreements. This list will increase as the coverage of MDE grows. Markit is proactively working with all clients to capture any new document types required.

Operational efficiency

MDE dramatically reduces the number of repeated requests to source documentation. All documents are centralised and accurately stored, with expiry dates where relevant. MDE reduces uncertainty and errors by allowing all internal employees as well as counterparties to work off the same, up-to-date documentation. This eases the burden of collection and/or distribution and ensures that requirements to track and action renewals or updates are met.

Agreement management

This will enable firms to have a clear and concise view of the agreements in place with individual counterparties as well as which region and instruments are applicable to the relationship. This will cover ISDAs, MCAs and Clearing Agreements. The tool view will contain a high level snapshot of relevant terms and an indication of the status of an agreement at any given time.

Extensive Audit Functionality

The audit capabilities of the system provide users with the full history of their documentation, detailing every event concerning each document including date and user for uploads, downloads, viewings, etc. The fully searchable audit trail can be utilised as part of an organisation’s internal processes and included in any metrics gathered.

Security

MDE is subject to the strictest security controls.

• MDE is accessed through a 128bit encrypted channel, with complete password protection and encrypted storage in Markit’s data centres.
• Servers are located in both the UK and US within fully redundant data centres with real-time backup and 99.99% availability, ensuring the safety and integrity of all documents.
• MDE is primarily based on the infrastructure of Markit Trade Processing (SAS 70 Level II certified) and is currently in the final stages of its own SAS 70 Level II certification process.