News Stories On Artificial Intelligence, Finance, Law & More
Noteworthy information you should know.
Claira Aims to Accelerate Revolution of Financial Markets
July 14, 2022
Claira, the document intelligence fintech, has raised funding from Citi to accelerate the digitalization of manual areas in financial markets and provide a roadmap to smart contracts and the tokenization of assets on blockchains.
Citi will collaborate with Claira to support its business, starting with municipal prospectuses and CLOs to assist in the transformation of markets.
Claira Receives Strategic Investment Led by Citi SPRINT to Accelerate Digital Transformation with Next-Gen Document Intelligence Technology
June 29, 2022
Claira LLC, the document intelligence fintech, today announced the company has received strategic investment from Citi Spread Products Investment Technologies (SPRINT), the strategic investing arm of the bank’s Global Spread Products division, and will collaborate to reinvent document intelligence and develop next-generation data analysis solutions to provide digitization of municipal prospectuses and collateralized loan obligations (CLO).
Leading Global Banks and Data and Analytics Provider Back Octaura to Launch Electronic Trading Platform for Leveraged Finance and Structured Credit
June 14, 2022
Citi and Bank of America led the launch today of Octaura, an independent company whose goal is to create the first open market electronic trading platform for syndicated loans and collateralized loan obligations (CLOs). The Octaura venue for loans will launch first, with the CLO trading venue to follow. The company then plans to expand to other products in the credit market.
Fed Announces No Credit Sensitive Supplement or Add-on Rate for Commercial Lending Products
Oct 22, 2020
The Fed does not plan to convene a group to recommend a specific credit-sensitive supplement or rate for use in commercial lending products.
Claira Automates Contract Amendment and Restatement to Accelerate LIBOR Remediation
Oct. 7th, 2020
Claira LLC (http://www.claira.io), creator of the industry’s leading financial contract understanding technology, is excited to announce its latest development — automated contract amendment and restatement. Now, Claira will create MS Word versions from your signed and executed PDF contracts with industry-recommended or custom language inserted as tracked changes. This innovation is in addition to Claira’s leading contract-understanding LIBOR solution that immediately understands and assesses the impact of LIBOR transition. With this latest development, Claira provides an end-to-end solution to accelerate and complete LIBOR contract negotiation and remediation.
LIBOR Transition Considerations for a Corporate Borrower
Oct. 27th 2020
Companies need to ensure that they are prepared for the end of LIBOR. Internal reviews must be carried out at the earliest possible opportunity and appropriate systems should be put in place.
Justice Department Issues Favorable Business Review Letter To ISDA For Proposed Amendments To Address Interest Rate Benchmarks
Oct. 1st, 2020
The Department of Justice’s Antitrust Division announced today that it has completed its review of the proposal by the International Swaps and Derivatives Association Inc. (ISDA) to amend its standardized model documentation for derivatives to account for the potential discontinuation of certain interbank offered rates (collectively referred to as “IBORs”).
Claira Announces Loan Contract Understanding and Analysis to Better Navigate Stressed Portfolios
Sep. 28th, 2020
As the commercial lending market continues to prove challenging, Claira’s next-gen AI provides in-depth contract analysis & loan covenant understanding enabling clients to more accurately manage risk, value, and reposition portfolios.
LIBOR Loans Prove Problematic for Legal AI Claira Announces Next-Gen Fully Pre-Trained Solution to Jumpstart Loan Remediation
Aug. 11th, 2020
As the LIBOR deadline fast approaches, bilateral, private documents prove problematic for most legal AI platforms – requiring clients long lead-times to train for accuracy. Claira’s next-gen AI is fully pre-trained for LIBOR remediation across all private & public doc types.
Libor Troubles Deepen as Deadline for Benchmark’s Demise Approaches
Aug. 14th, 2020
Regulators and investors say transition remains on track despite setbacks including the Covid-19 pandemic
No one said replacing the London interbank offered rate would be easy, but many regulators and investors contend the cumbersome process remains on track despite setbacks including the coronavirus pandemic.
FINRA Shares Practices Firms Implemented to Prepare for the LIBOR Phase-out
Aug. 5, 2020
FINRA reminds firms to evaluate their exposure to LIBOR (formerly, the London Interbank Offered Rate), and review their preparedness to manage LIBOR’s phase-out.