Before you start

It tells you where your CDS position stands — before a credit story breaks, and the moment it does. Upload your documents; it checks each standard deliverability characteristic against them and shows the evidence behind each conclusion. For loans, Assignable Loan and Consent Required Loan are flagged for review, not yet tested.

Three steps. You upload the instrument terms and the notice, plus the confirmation if you have it. Mastermind tests each deliverability condition against those documents, applying the standard elections (Standard Specified Currencies, 30-year Maximum Maturity). You read one assessment per instrument, with the source passage behind every check that rests on one. See how it works.

Yes. Every check that rests on a clause links to it, shown as written. How the check reads that passage is labelled separately as interpretation. Checks decided because no restricting clause exists say so.

It tells you. The check is marked as needing more information and listed under open questions. Where a term is decided by the absence of a clause, or by a standard election, the result says so. Add the document later, re-run, and the new revision shows what changed.

Because you get a record, not a conversation. Each instrument is checked term by term, every check shows its source or says why it has none, and gaps are listed. Every case lives in your case book: add a document and re-run, and each revision can be compared with the last. On Desk your team shares one case book, discusses each case in comments and is emailed when a colleague adds one. Follow the names you hold in News and get an alert when something is reported, so you can re-run the moment it matters. When you need to show your work, export a committee memo or send a restricted link.

Yes. The example case is open to everyone, no account needed. You can also set up your own case first; a plan is needed only when you run it.

The example case, News, follows and alerts. Running a private analysis on your own documents needs a Pro or Desk plan.

Pro is for one analyst: $499 a month or $4,990 a year, with 25 new cases a month and 50 re-runs a month. Desk is for up to 5 people sharing a case book: $1,500 a month or $15,000 a year, with 100 new cases a month and unlimited re-runs. Plans are subscriptions; prices exclude VAT. See pricing.

Yes. Desk gives up to five people one shared casebook with unlimited re-runs.

The terms of the instrument you are checking (indenture, terms and conditions or facility agreement) and the notice that prompted the question. The CDS confirmation is useful context but not required: Mastermind applies the standard elections (Standard Specified Currencies, 30-year Maximum Maturity), so check any non-standard election in your confirmation by hand. Amendments, schedules and consent letters help where the terms refer to them.

Yes. They are private to your account or your Desk, used only for your analysis, never published unless you choose to and never used to train models. Delete a case, with its documents and results, at any time. A case you made public stays public until you ask us to remove it. Data handling.

No. It is decision support for reviewing documents. It does not decide whether a Credit Event has occurred and does not replace a Determinations Committee. Review conclusions with counsel where it matters.