The docGenix inSight service utilizes proprietary legal data sequencing technology to translate and represent as XML the complex legal, credit, and operational terms contained in the legal agreements that govern relationships between participants in global over-the-counter (OTC) derivatives markets. This documentation is based on the legal contract suite published by the International Swaps and Derivatives Association, Inc. (ISDA). docGenix delivers the XML generated via its legal data sequencing technology to its customers via Synopsys, a MarkLogic-based application. docGenix customers now have an enhanced level of operational, documentation, and risk management capabilities demanded by todayâs challenging business and regulatory environment.
âGiven that XML is at the heart of our business, we required as our delivery mechanism a flexible and highly scalable XML server with a standout reputation. MarkLogic Server quickly became the obvious choice,â said Michael Will, founder and CTO, docGenix, L.P. âEach contract converted by our inSight service contains thousands of data points that are central to a broad range of mission critical operations, including credit analysis, regulatory stress-tests, netting, and collateral management. MarkLogic uniquely provides the capacity and performance we need to deliver this data to our customers at the superior levels of quality they have come to expect.â
The explosive growth of the OTC derivatives markets has been fuelled in part by the existence of ISDAâs suite of legal contracts. As these contracts have proliferated, docGenix and its customer base have found that traditional methods of documentation risk management have made it difficult for OTC participants to rapidly analyze legal documentation portfolios that can number in the tens of thousands. As a result, institutions are prevented from reacting swiftly to market events. Failure to identify trends and respond efficiently to events like ratings downgrades, precipitous declines in asset value or performance, defaults, and collateral calls, can cost derivatives stakeholders many millions in losses. Synopsys addresses these challenges by delivering a powerful, user-friendly application that provides financial institutions deeper visibility and a more holistic view across their ISDA Agreement portfolios. By implementing a solution that harnesses the power of XML and MarkLogic Server, docGenix provides financial institutions with the agility they need to effectively analyze and respond to the threats and opportunities offered by todayâs OTC derivatives markets.
Ixxus, a valued Mark Logic partner and specialist in information management solutions, was instrumental in providing the Mark Logic system to support the docGenix inSight project. Steve Odart, managing director for Ixxus, said, âdocGenix has been visionary in its adoption of XML technologies to facilitate solutions that are groundbreaking in their innovation and utility for customers.â
âOne of the key challenges facing organizations in the derivatives industry is how to effectively manage the wealth of critical information on which these markets are built,â said Tracy Eiler, vice president of marketing, Mark Logic Corporation. âdocGenix Synopsys is impressive in its ability to help financial institutions access the right information in a matter of seconds, which improves their ability to be nimble in a fast moving market. MarkLogic Server continues to be validated by our customers as the ideal platform for companies that require speed to maintain a competitive advantage.â