LIBOR Data Extraction
The Legal and Operations departments of a global investment bank.
Issues that we helped identify
Following the announcement by the BBA of its proposals to implement recommendations of the Wheatley Review, the client had identified a significant number of counterparties with which it had transactions referencing soon-to-be-discontinued rates, and which would be unlikely to sign up to the (then) anticipated ISDA protocol. The client needed to negotiate amendment agreements with all counterparties prior to any roll dates occurring. To do so, it needed:
- Access to scalable resource
- Review and analysis of trade documentation
- Drafting and negotiation of amendment agreements
How did we help our client?
The client accessed our DocHub service which provided the client with a range of services, including:
- Scalable resource: the ability to scale-up the dedicated DocHub team to meet the demands of peaks in document negotiation
- Access to cumulative experience and knowledge: the range of experience across the DocHub team enabled a variety of documentation types, jurisdictions involved and styles of underlying transactions to be dealt with quickly and efficiently without impacting on the client’s own resources
- Industry and jurisdictional insight: the DocHub team were able to give the client the benefit of their insight into industry and jurisdictional issues within particular negotiation points as well as provide feedback on historic deal documentation that impacted the client’s risk analysis of particular counterparties
How did the project benefit our client?
- A cost and resource-efficient solution to a project with fluctuating resource demands as a result of negotiation and execution being centred around the times immediately prior to roll dates
- A managed process involving our team as the central point of contact across a variety of areas within the client bank
Project time and resource
The client accessed our DocHub service, a standing team of lawyers and paralegals, being able to scale up and down its needs over time. Throughout the project, continuity of experience and service was achieved by ensuring dedicated staff dealt with all work and that the same senior negotiator was on hand throughout the project. The project ran over the course of four months and was managed entirely off-site.