Case Study: GLML

Creating efficiencies with a data standard which can be read by machines and humans to use in legal documents during transactions as well as down-stream systems.

“Having a common language for automated securities will benefit the capital markets as a whole.”
Theo Trayhurn, A&O Capital Markets Partner

The challenge:

  • A typical primary capital markets execution involves multiple intermediaries who repeatedly convey information back and forth to draft and execute legal documents. 
  • This requires significant resource, and is prone to error due to repeated manual entry.
  • The processes that after drafting documentation, such as clearing and record-keeping, are also manual and time consuming, with parties reviewing documents individually and pulling out necessary information to input into their systems.
  • These inefficiencies are squeezing capital market participants’ profit margins.

The solution:

  • Nivaura launched the GLML Consortium to resolve these challenges. 
  • GLML is a ‘mark-up language’: a type of human and machine readable code developed by Nivaura which is easy for a lawyer (or anyone with or without coding skills) to implement.
  • It enables users to easily turn existing contractual templates (including precedents and pro forma documentation) into machine readable documents for transactions with structured data. Any document editor (including Microsoft Word) can apply GLML, allowing drafters to create and maintain templates in the same way they currently complete documentation.