Allen & Overy (A&O) has launched a New York-based e-business, installing London-based derivatives counsel John Berry as its general counsel.
Allen & Overy (A&O) has launched a New York-based e-business, ;installing London-based derivatives counsel John Berry as its general counsel.
Named docGenix, the company provides financial institutions with technology that manages documentation risk in the derivatives market. The technology converts complex International Swaps and Derivatives Association (ISDA) agreements into a more accessible format and allows users to stress-test the potential impact of various global events.
While ;the ;business operates as a separate entity from A&O, the firm is a majority shareholder and New York senior partner Dan Cunningham and London partner Jonathan Brayne sit on its non-executive board.
According to Berry, the need for such a company has become crucial in the wake of the credit crunch, given the increased focus on risk management.
He said: “Being able to quickly access the details of a deal and its documentation is very important. Instead of spending weeks and sometimes months on manually retrieving information, docGenix allows you to access this information easily.”
A&O has a longstanding relationship with the ISDA and is the association’s principal global counsel. Berry has advised on a number of the association’s agreements, such as the 2002 ISDA master agreement.