Finance · Legal · Engineering

Your PB agreements aren't PDFs. They're executable code.

Bowtie bridges Finance and Legal. We turn complex ISDA, GMRA, and margin schedules into verifiable rules—so you can audit margin and monitor NAV triggers against live data.

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Every margin call and financing charge is a legal event. The industry just stopped treating it that way.

Bowtie reconnects what your prime brokers can enforce to what they actually charge.

The problem

Three functions that should be one. Three systems that don't talk.

01

Margin runs on their math, not your terms

Your treasury team reconciles margin calls against internal books — but nobody checks whether the call is consistent with the terms that were actually negotiated. The static spreadsheet summary is the closest thing to a reference, and it's out of date.

02

Financing terms are a black box

Rate tiering, benchmark selection, rehypothecation economics — every PB structures it differently. Without a normalized view, you can't compare costs across counterparties or identify when terms drift from what was agreed.

03

Agreements sit in a drawer

Negotiated terms define what a PB can enforce — thresholds, cure periods, cross-default cascades. But those terms are locked in PDFs, disconnected from the daily positions and market conditions they're supposed to govern.

What Bowtie does

A shadow engine for your entire counterparty stack.

Cross-Counterparty Margin Model

Replicates each PB's margin methodology — base rates, liquidity charges, concentration penalties, skew — from the actual terms. Run the same portfolio through Goldman, Morgan Stanley, and Barclays simultaneously. See exactly where the numbers diverge and why.

Live · Position-Level

Financing Cost Reconciliation

Normalizes financing terms — benchmark selection, rate tiering, utilization thresholds — across PBs into a single comparable model. Identifies where what you're being charged departs from what was agreed, with clause-level traceability.

Automated · Per-Counterparty

Trigger Radar

Maps distance to every hard trigger across counterparties — NAV declines, AUM thresholds, cross-default cascades — against live market conditions and portfolio state. Know which triggers are approaching before your PB tells you.

Real-Time · Cross-Default Aware

Complete Traceability

Every margin calculation, financing charge, and trigger distance traces back to a specific clause in a specific agreement. When a number looks wrong, you know exactly where to look — and what to say to your counterparty.

Auditable · Clause-Level
Margin Audits

Audit the math against the contract.

Stop trusting the static spreadsheet summary. Bowtie reconciles your PB’s margin call against the exact "Formula %" derived from the legal text. Find the delta instantly and stop overpaying.

  • Automated Reconciliation: Compare Margin Charged vs. Formula Required across every position.
  • Uncover the Delta: Identify exactly where you are being overcharged, down to the basis point.
Margin Statement and Reconciliation Interface
Clause-Level Traceability

Math mapped directly to the contract.

When a number looks wrong, you need to know exactly why. Bowtie decomposes every charge—from Issuer Concentration to Base Rate—and links it to the specific ISDA/GNA clause governing it.

  • Component Breakdown: See exactly how liquidity, float, and skew penalties impact your requirement.
  • Evidence-Backed Negotiation: Push back on your prime broker with the exact clause citation in hand.
Margin Decomposition Interface

Trigger Radar

Monitor your proximity to every hard trigger, across all counterparties.

Bowtie continuously maps live portfolio data against the exact NAV declines, AUM thresholds, and cross-default cascades encoded in your agreements.

Breach Zone Caution NAV Decline AUM Cross-Default Key Person Concentration Leverage Cure Period Liquidity
Active Counterparties

Goldman Sachs

AUM threshold approaching caution zone. Liquidity charge trigger at 68% proximity.

2 triggers in caution

Morgan Stanley

NAV decline trigger at 14.2% against 20% threshold. Closest active trigger across all PBs.

1 trigger approaching breach

Barclays

Liquidity concentration in caution. All other triggers clear with comfortable distance.

1 trigger in caution

JP Morgan

Cross-default cascade risk linked to Morgan Stanley NAV trigger. Monitor jointly.

1 cascade dependency

How it works

From agreements to live economics. Day one.

01

Upload agreements

ISDAs, PB agreements, CSAs, amendments. Bowtie structures every enforceable term automatically.

02

Normalize across PBs

Disparate terms mapped to a universal schema. Compare Goldman to Morgan in the same language.

03

Connect positions

Feed live portfolio and market data. Bowtie computes what each PB should be charging.

04

Reconcile and act

See variances. Export evidence. Schedule a review with clause-level documentation.

Open Schema

A universal standard for counterparty economics.

Every prime broker structures terms differently. Goldman calls it a "liquidity charge." Morgan calls it a "concentration penalty." Same economics, different language.

Bowtie's open schema normalizes 50+ parameters across every major PB—cure periods, cross-default triggers, rehypothecation rights, financing tiers, NAV thresholds—into a single, queryable structure.

Your data stays yours. Bowtie normalizes what comes in from your PBs. The analytics layer runs inside your infrastructure—no proprietary data leaves your walls. Connect your existing feeds. Export to your existing systems. We're the translation layer, not another silo.

universal_schema.json 
{
  "counterparty": "Goldman Sachs",
  "agreement_type": "PB_AGREEMENT",
  "effective_date": "2021-12-15",

  "triggers": {
    "nav_decline": { "threshold": 0.20, "cure_days": 5 },
    "aum_minimum": { "value": 500000000 },
    "cross_default": { "linked_to": ["Barclays"] }
  },

  "financing": {
    "base_rate": "SOFR",
    "spread_bps": 42,
    "source_clause": "Schedule 4 §21"
  }
}

Currently deployed at funds managing $100B+ in assets.

Trust

Enterprise Security

Built for the largest and most regulated global institutions.

SOC 2 Type II

Strict controls enforced across critical focus areas.

Data Encryption

Data encrypted in transit and at rest.

No Model Training

Your data remains your data. No training is done with your data.

What's next

You already negotiated the edge. Start using it.

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