Under the Dodd-Frank Act, EMIR and Basel III, exchange-facing banks, which often include private banks, are required to have a much more granular view of their data and this requires a change in the way information is managed within large financial institutions. With this in mind, Deloitte has struck up a partnership with Recommind, the data management IT giant.

The new offering for over-the-counter contracts, which Deloitte calls a 'managed service,' will consist of a Deloitte component that wraps itself around Recommind’s Perceptiv Derivatives Contract Analysis technology. The SaaS ('software as a service') platform handles the process of sifting through thousands of counterparty agreements to identify the data traders need to drive profits, including eligible collateral, interest rates, termination events, netting, thresholds and independent amounts.

The notional amounts outstanding of OTC derivatives stood at more than $690 billion at the end of 2014. Supporting this are countless contracts and millions of data points, which until now have largely been handled manually by large teams within organisations. This partnership claims to automate many of them and present the user with "the best of the technology and consulting worlds."