Markit Document Exchange for Brokers & Dealers

For Sell-Side Firms

Collecting, accessing and maintaining counterparty data - such as Qualified Institutional Buyer (QIB) and NASD 2790 letters - is essential for sell-side firms to comply with today’s volume of regulations, such as Know Your Client (KYC), Patriot Act and other compliance-related initiatives.

Market participants know that the collection of this material is a critical, 'necessary evil' for compliance reasons, but it's typically inefficient and expensive to obtain reliable, consistent and secure counterparty data. The inefficiencies and costs don't stop with the collection process - simply finding and managing the vast amount of documentation is not only difficult , but adds up to millions in lost productivity and time.

Markit Document Exchange for Sell-Side
With our secure, electronic platform, counterparty and compliance document collection and management is streamlined and automated. And as manual, internal duplicative efforts are virtually eliminated, it's cost-effective as well.

For example, firms no longer have to telephone, email, fax or file each new account or renewal. Our solution provides complete transparency between permissioned counterparties, including a web-based repository to provide updates and renewal information.

The process is simple: Buy-side firms submit information to Markit via our secure, permissioned web interface.  Each firm may make updates, confirm renewals, and provide contact and identity details from verification of the information provided.

By collecting institutional investors’ credentials on behalf of broker-dealers, Markit ensures that our clients' counterparty documentation is as accurate and widely available as possible.

With Markit, sell-side financial firms:

• Eliminate manual collection and maintenance of documentation
• Reduce duplicate efforts among trading desks and business units
• Increase data accuracy and consistency with internal systems