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[Music] hi welcome today we're going to be talking about the is the master agreement is does clause library and is to create i'm sure everyone watching this video knows how integral the is the master agreement is to otc derivatives transactions but over time the mr master agreement has been negotiated many different ways by many different counterparties and that's a challenge for digitizing that agreement is looking at ways to present our documentation and record those agreements in new digital fashion so one of the ways we've been looking at overcoming that challenge is by creating the clause library to capture lots of different kinds of clauses and then putting that into our is to create platform to allow people to capture those agreements digitally and today we're going to be unpacking those different methods of creating these new agreements perhaps doug i'll ask you first to talk a bit about what is the creators and how that works uh sure thing mark thanks um so is the create at its very basic is a document negotiation automation and execution tool um but it's really a lot more than that right as we all as a as anyone who has used it knows what it does is it really captures every bit of data that goes on through the negotiation process and that becomes really powerful for institutions both while they are negotiating their document but almost more importantly after they've negotiated their documents so they can use and manipulate that data downstream we've got one of our super users here emma so i'm going to maybe ask her to give us her feedback as to how she's experienced usage of is the create hi thanks thanks doug thank you all um yeah from from a user perspective uh i must say it's a significant development to see the expanded capability of this platform with the addition of uh is does flagship master agreement obviously alongside documents we're using already for initial margin for eyeball transition and it feels that it's really moved the dial from sort of regulatory driven solutions much more into business as usual and i think that the addition of the is the clause library also um should facilitate and improve the drafting experience um and lead to more uh consistent uh standardizations um and you know these these platform expansions are really going to mean we can better leverage the features of vista create and and work in a much more efficient and effective way to better manage legal risk to better manage um the the data that we can can get from from agreements um so i'm sure is the documentation teams across the street uh um really going to be kind of looking forward to these new uh improved ways of working becoming the norm great thanks uh doug thanks emma so as i said one of the uh key points to achieving this change has been the clause library uh kieran can you talk us through how the clause library came to be yeah thanks mark so the claws library is in many respects exactly what it sounds like it's a tool that allows users to construct standard form versions of the most commonly negotiated provisions within the is the master agreement and the most common variants of those provisions the is the clause library was built using a new underlying framework or taxonomy for identifying defining and understanding commonly negotiated clauses within is the documentation the taxonomy operates by identifying commonly negotiated clauses by reference to the substance rather than the form of each clause and that's important for a few reasons for the past 20 years the schedule to the master agreement has been subject to custom negotiation so certain clauses are now amended routinely in a variety of ways using different combinations of wording new clauses that were never anticipated by the drafters of the original document are now routinely added whether due to regulatory change or market evolution and really at a fundamental level our work in developing the clause library has been to impose structure upon this unstructured and fragmented world so by identifying and defining the precise parameters of each clause as well as the variable content that may be added to alter the substance or outcome of the clause we've developed an industry standard means by which to identify categorize and draft clauses within legal agreements and to model the resulting legal agreement data for example within the is the common domain model and the clause library builds on that framework by providing composable versions of each clause and by composable i mean the parties can select different options within the clause to achieve the tailored business or operational outcomes that they want using that framework the framework developed through the clause library it's possible to achieve over 130 distinct outcomes within the schedule to the master agreements and to incorporate over 250 standardized data points within those clauses so by providing market reviewed language for a very wide range of outcomes the clause library allows parties to focus on those outcomes rather than spending the time creating bespoke language to define them and finally it's important to note that these new standards have been developed over several years through the analysis of thousands of clauses and agreements and that analysis was then reviewed and agreed through the industry working group so the data used to create the clause library is robust deep and based upon real-life examples and really reflects what people agree in practice rather than is the attempting to standardize what firms should agree in their contracts and we're also going to maintain it over time so the platform will continue to evolve in line with the market and with that i'll hand over to doug to talk a little bit about how the clause library has been integrated into the is the create platform thanks karen um to talk about how the closed library has been integrated into the master agreement on the is the creative platform i think it's really important to kind of think about how the clause library is produced in paper form so as karen said we've we've collected you know i think it's thousands of provisions for purposes of producing the clause library what we did if we think about it on a single trans provision basis is we've looked at a provision we've really pulled that provision apart and looked at each of its components and all the potential variables within each of those components we've categorized and tagged each of those variables which if anyone has looked at the paper version of the as a clause library it is a very long document and it's a very long document because it is detail rich and everyone should be very happy about that because we want all of our data to be detail-rich the the downside of that on paper is it is a dense document and usability is not as efficient as it could be but that's where is the create steps in right when we take what we've done on paper for the is the clause library and we put it into is the create it simply becomes a couple of clicks and drop downs and the is the create logic and the back end really takes you through the clause library in a very logical and simple format now that that becomes very very powerful for people on the back end because once you've done your once you've completed your negotiation on is the create using the clause library all of that data sits behind that negotiation can be pulled into your internal system and instantly becomes available in both human and machine readable format so i personally think and i think everyone on this i hope everyone on this video will agree that this is a great step forward um for kind of using technology in our industry to really harness the power of the data that sits within all of our documents and that all really started when we think about this project by looking at each provision individually pulling them apart tagging and categorizing all that data and then using is to create to operationalize all of that so you know i think it's something that we should all be very proud of that's great so we've got is the drafting technology bringing you all together making it easy to use fantastic i am anything to add as parting thoughts from a user of this new technology i'll just say i think it's um exciting to see where is to create we'll we'll we'll go next um there's been a sort of gradual evolution um and it certainly feels that with the addition of the is the master agreement and there is the clause library um that it's very much going to be a sort of new exciting innovative uh journey that i'm sure a lot of documentation teams all across the market um will will be going on fantastic well thanks everyone for listening if you have any questions on is to create or the clause library please don't hesitate to reach out to us thank you