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Trade Reviews Data Cleanse

May 10, 2022 | Case Studies

Context

In response to our clients’ discrepancies with trade reviews and pricing supplements, the client enlisted our client to review notes issued by them to see if there is a systematic problem with their contracts. The project includes data extraction and reviewing documents of approximately 2000 trades over an 8-week period. This includes English and German trades of regular rates trades, equity-linked, credit-linked, FX linked Notes as well as warrants.

Our Approach

Our client has acquired the services of four consultants from Vantage Point. The data scientists working on the project found a way to automate the checking process to make it more time efficient and streamlined. They achieved this through extracting each section of the documents onto excel spreadsheets. As paralegals, our role in this project was to carry out the cleanse on the automated trades using the spreadsheets produced from the data scientists. The cleanse involved reviewing the data within both the term sheet and pricing supplement. Any data that has not been successfully automatically extracted we input ourselves into the excel spreadsheets. We then highlighted any discrepancies between the two documents by marking on the spreadsheet, whether this is correct, incorrect or whether we need to escalate. Our review is the first review and a second reviewer from our client conducts a second review to look over the incorrect sections and the escalations.

Outcomes

The Vantage Point team finished the first reviews of rates, credit-linked trades and equity-linked trades a few weeks prior to the end of our contract. We were requested to examine the ‘failed’ equity-linked trades (failed because they were not automated) which were finished in a week. With our portion of the project completed weeks before the end of our contract, we assisted the larger team by being assigned to work on German trades and ESMA trades. Both required us to change our methodology on how to complete them as they were not automated. All the first reviews for both types of trades were completed a week before the end of our contract. Thus, all 2000 trades across all teams had their first reviews completed a week ahead of schedule. We spent our last week double checking our work.

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