IBOR to RFR

Contract repapering support

As the markets transition to new risk free rates, banks will have to adapt their operations across their organisation on an unmatched scale. 

We help clients address the aggressive timescales and sheer volume of work required to repaper their existing relationships by providing end-to-end negotiation and project management support.

Although a number of counterparties will adhere to the ISDA Protocols for legacy transactions and the ISDA Supplement will be applicable to new transactions, a number of bilateral negotiations will take place either because the counterparty does not adhere to the Protocols, or because the transactions are not governed by “covered agreements” for Protocol purposes.

Given the volume of existing agreements that require repapering, legal departments face the risk of either overburdening their staff by doing the work in-house, or exceeding their budget if they hire a law firm to deal with the negotiations.

Kalexius is a legal service provider specialised in repapering projects. Our solution will help you:

     Benefit from flexibility and scalability to address potential variations in requirements depending on a number of factors, including the timing of the publication of the ISDA Protocol and how you will choose to address it;

     Ensure compliance with regulatory and internal deadlines;

     Keep costs down;

     Maintain the standards of quality adhered to by your internal teams.

Scope.

What we do.

Our standard scope of services is an end-to-end solution:

 

     While the legal team draft a template amendment, our project coordinators extract data on in-scope agreements from your contract database. They will generate an individualised amendment for each in-scope counterparty and send them out in e-mail batches as prioritised by you.

     The project coordinators will chase unresponsive counterparties and bounce back e-mails while our paralegals and lawyers negotiate with counterparties based on agreed negotiation guidelines.

     We will ensure that all contracts are properly executed and archived, and that any relevant data is entered into your systems.

 

Each assignment is different – contact us to adapt the scope of services to your needs.

 

Team.

How we work.

We assign a dedicated team to each IBOR project. The standard team structure is a mix of legal professionals and operations specialists:

 

     The Program Manager is a partner-level lawyer dedicated exclusively to the project and responsible for running the service.

     All our lawyers are used to working in a process-based, tech-driven environment; they are also all former in-house banking lawyers with a deep understanding of how large investment banks work.

     Our project coordinators excel at allocating resources, managing workloads, deadlines, processes and at making sure our lawyers deliver a seamless service to our clients based on performance targets.

     Our internal Legal Operations function helps program managers design and implement their set-up and processes using the latest technology and best-in-class project management and process design expertise.