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.
