Mastermind · private analysis
Analyse your own CDS case
Upload everything you have on the name — indentures and offering circulars, loan and facility agreements, trade confirmations, issuer notices, forbearance or exchange-offer documents, DC statements — and get an assessment for every instrument, with the contract terms tested and the evidence behind each conclusion.Your documents and cases are held in confidence: stored encrypted, accessible only to you and those you authorise, and never published and never used to train any model. For long documents, such as an indenture, only the sections that state the terms it checks are sent to our AI model provider, which does not train on them. Short documents (under about 60,000 characters) are sent whole.
How it works
Three steps to knowing where your CDS stands
Step 1
Upload your case documents
Drop in the contracts, notices and confirmations you hold on the name. Add the entity, the event and the instruments.
- Indentures, circulars, loan agreements
- Notices, forbearance letters, DC statements
- Up to 6 instruments and 24 documents per case (12 at a time when adding to a case)
Step 2
Mastermind does the reading
Minutes later, each standard deliverability characteristic has been checked against your documents (for loans, Assignable Loan and Consent Required Loan are flagged for review, not yet tested) — and when the rules can’t settle it, a skeptic pass argues against the conclusion before you see it.
- Currency, maturity, seniority, transferability and more
- Related published cases shown, where one exists
- When the rules can’t settle it, a skeptic pass argues against the conclusion
Step 3
Decide, and show why
One assessment per instrument, each conclusion traced to the clause behind it. Ready to take to the desk, the committee or counsel.
- Analysis · Contract · Evidence · Open questions · Summary
- Click any conclusion to see its source
- New document? Re-run in minutes
What you receive
Everything you need to act on the case — and to defend the call
Assessment per instrument
Likely deliverable, ineligible, review required or insufficient information.
Contract terms tested
Each deliverability characteristic with its result and the clause behind it, where one exists.
Evidence chain
Conclusion → reasoning → evidence → original source text.
Known facts
What the documents establish, with the section each fact came from.
Open questions
What is missing, what is contested, what could change the conclusion.
Related cases
Published cases with a similar structure, where one exists, for comparison.
Revisions
Add documents and re-run; see exactly what changed.
Exports
Committee memo (PDF), JSON and a restricted share link.
Mastermind output is provided for information and decision-support purposes only. It does not constitute legal, investment or trading advice, and is not a determination of any Credit Derivatives Determinations Committee or of any other body under the ISDA Credit Derivatives Definitions. Users remain solely responsible for any decision taken in reliance on it and should obtain independent professional advice where appropriate.
Why Mastermind
Know where you stand — before a credit story breaks, and the moment it does
Be ready before the market moves
Run the names you hold while they are still quiet, so the deliverability picture is already on file. When a story breaks, the window is hours — and you start from an answer, not a reading list.
Take a position you can defend
Every conclusion is tied to the clause and the exact sentence it rests on, and what is uncertain is stated as uncertain. Walk into the desk meeting, the risk committee or counsel's office with the proof already attached.
Stay right as the story moves
A notice lands, a forbearance is signed, the DC rules. Add the new document and re-run in minutes; the case keeps its history and shows exactly what changed, so your view is never stale.
See related cases for comparison
Related published cases, where one exists, are shown for comparison, with what is similar and what is materially different. They never decide the result: the conclusion rests on your documents and the tests run on them.
Pricing
Plans
Set up your case first; choose a plan when you run it. Private analysis needs a Mastermind Pro or Desk subscription. Failed runs never count.
Public
News, follows and alerts, and the Mastermind example.
$0
Free account
- CDS news
- Follows and alerts
- Mastermind example case
- No private analysis
Mastermind Pro
One analystPrivate case analysis for one analyst.
$499 / month
or $4,990 / yearSave 17%
- 25 new private cases / month
- 50 re-runs / month
- Contract tests, cited evidence, related cases, a counterargument where the conclusion is a judgement call
- Case book with revisions
- Memo (PDF), JSON, restricted link
Mastermind Desk
A shared case book for up to 5 users.
$1,500 / month
or $15,000 / yearSave 17%
- 100 new cases / month, shared
- Unlimited re-runs
- Up to 5 users, one shared case book
- Everything in Pro
Institutional
More volume, users and procurement terms.
Custom
Annual contract
- Volume and seats by contract
- Security review and procurement terms
- API, SSO or private deployment discussed
Set up your case
Add the entity, the event, up to 6 instruments and the documents. Set up first; choose a plan when you run.
- Set up the case
- Choose a plan
- Run
How we handle your documents →