A&O launched the online digest of tailored legal opinions last month and claims it will act as a “missing link” for derivatives participants. The product, dubbed ‘Diligence’, is designed to allow banks to check derivative trades for legal or regulatory risk, rather than commission advice on relatively straightforward trades.
The system is available by subscription to the members of the International Swaps and Derivatives Association, which has 797 financial institution members, including top investment banks such as Citi, Barclays, Lehman Brothers and JP Morgan.
Executive director and head of A&O’s e-business initiatives Marc-Henri Chamay said: “This will not cover every type of trade but it is a good, cost-effective starting point and over time we will close the gaps.”
He added: “Our aim is for this resource to cover all the main emerging offshore and volume jurisdictions over the next three years.”
The new product will operate alongside A&O’s flagship on-line products, Netalytics and CSAnalytics, which are now generating more than $2m (£1m) in annual revenue — up from $1.5m (£755,000) last year.
