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Client: Global Investment Bank

Project Objective

To facilitate the novation (and where necessary, amendment) of a portfolio of master agreements including:

  • listed derivatives clearing agreements (“LDAs”)
  • GMSLAs
  • OTC Clearing Agreements
  • ISDA Master Agreements and CSAs
  • prime services agreements – from a UK domiciled entity to one domiciled in the EU

How We Helped

We deployed consultants within our London DocHubTM team to provide outsourced client outreach and contract negotiation support. Our team has managed the negotiation and execution of a variety of agreement types, which included:

  • novation agreements relating to LDAs
  • “cloning” agreements to replicate existing Global Master Securities Lending Agreements
  • transfer agreements relating to the replication of the relevant existing OTC derivatives clearing agreements between our client and certain counterparties
  • new prime services agreements to replace existing documentation
  • negotiation of ISDA Master Agreement amendment or replication agreements

Results

The team reviewed the existing documentation, defined the negotiation playbook with the client and issued draft documentation. The negotiations were then managed, with escalation to appropriate stakeholders where appropriate. Signed copies of the documentation were then procured and closing forms were completed and submitted.

Impact

DRS delivered a cradle to the grave solution, responding to fluctuating demands whilst retaining cost efficacy. The project enabled DRS to reinforce our high degree of institutional knowledge, which enabled us to greatly accelerate time to compliance on successive projects.

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