Document Digitisation and Digital Transformation:
The Derivatives Technology Agenda
Clive AnsellHead of Market Infrastructure and TechnologyISDA
Akber DatooManaging DirectorD2 Legal TechnologyA
2019 D2 Legal Technology
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
Workflow tools, ref data sources and code components to drive consistency
ISDA Documentation
ISDA - Delivering Safe, Efficient Markets.
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
Markets
Often bespoke contracts, clauses, business processes, and data
Many standard legal templates, definitions and best practices for contracts and processes
FpML establishes the electronic protocol for sharing information on, and dealing in swaps, derivatives and structured products.
CSAnalytics
netalytics
ISDA CDM™ is a blueprint for how derivatives are traded and managed across their lifecycle. A single, common digital representation of derivatives trade events.
Data and process standards
2
What is ISDA’s strategy?
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
•Analysis of ISDA documentation library in context of potential for smart contracts/ automation and publication of Guidelines documents
•ISDA Clause Library project
•Revision of ISDA Definitions (e.g. 2019 Rates Definitions)
•Publication of new documentation templates (e.g. CSAs for non-cleared margin)
Analyse & Standardise
•Develop ISDA CDM to cover standard clauses and processes found in both ISDA documentation and market practices
•Enhance ISDA Create to cover more templates allowing negotiation and storage in digital form (i.e. ISDA CDM format)
•FpML data dictionary and model updated to contain updated definition and documentation terms for use in messaging and ISDA CDM
Digitise
•Publish ISDA CDM in many languages to allow components to be used consistently in all implementations
•Provide ISDA documentation library in many digital formats
•Provide access to ISDA resources and reference data via APIs
Distribute
Building the Foundations for Change -The Next Generation of Industry Standards:
3
ISDA Clause Taxonomy
3rd October 2019
INTRODUCTION
• Legal Documentation is undergoing transformation prompted by business needs, regulatory demands and management of operational risk. It is seeking to take advantage
of technology enablers that are available.
• Nowhere is this more apparent than in the derivatives market.
• The evolution of the derivatives market has been transformed through the innovative creation of the Master Agreement in 1987, which was modified and enhanced in 1992 and 2002.
• Today is the time to optimise the agreements, and create the “ISDA 2020”, leveraging technology which should enable us to better work in terms of business outcomes of the contracts and the details of the contractual obligations contained therein. Through the medium of legal data, this allows stakeholders impacted by the agreements, to optimise business decisions, respond to regulatory reporting requirements and successful operational management.
• The ISDA Clause Taxonomy is, in our view, a foundational building block to, with the industry participation, unlocking this potential.
• This presentation will outline:A. Strategic Legal Technology initiatives;B. ISDA Clause Taxonomy – application and progress; C. Potential use cases of ISDA Clause Taxonomy;D. Conclusion.
A. Strategic
Initiatives
B. ISDA
Clause
Taxonomy
C. Potential
Use Cases
D.
Conclusion
5CONFIDENTIAL2019 D2 Legal Technology
2019 – Whitepapers & Member POCs
Smart Contracts
Automatable and enforceable agreements – enforceable either by legal
enforcement of rights of via tamper-proof execution of computer code.
Main use case in trade (confirmations) > Collateral > Master Agreement.
Requires link to Business Outcomes via CDM and Clause Taxonomy
A. WHAT ARE THE COMPONENTS OF THE LEGAL TECHNOLOGY STRATEGY
CommonDomainModel
ISDACreate
SmartDerivativesContracts
ISDA Clause Taxonomy
ISDA MA01ISDA
MA02ISDA MA03
Ph.1.1 – comp. 12/18 (5 cl)Ph 1.2 – comp. 05/19 (12 cl)Ph.1.3 – start 06/19 (30+ cl)
Present: v2.0 (released March 2019)
CDM
Common Domain Model is a blueprint for how derivatives
are traded and managed across the lifecycle. These
transactions sit under the ISDA Master Agreement (and
any related collateral arrangements).
This connectivity is critical to its success & achieved
through “business outcomes” focus of the Clause
Taxonomy.
Feb 2019 Initial Margin rolled out
L-2019/E-2020 ISDA Master Agreement
2020+ Bilateral Regulatory Agreements
2020+ Legal Opinions
Doc Generation Tools/Negotiation/Management
Applications e.g. ISDA Create, MarginXchange, Exari
require clause language (ideally, standardised via a
clause taxonomy), such as the
ISDA Clause Taxonomy to achieve standardisation of
language and business processes.
The success of these relevant tools is predicated on
using pre defined terms i.e. the clause taxonomy.
A. Strategic
Initiatives
B. ISDA
Clause
Taxonomy
C. Potential
Use Cases
D.
Conclusion
62019 D2 Legal Technology
B1. THE CLAUSE TAXONOMY ANATOMY
Termination Currency
Clause Taxonomy for:
Business Outcome
Business Outcome
Business Outcome
Business Outcome
TerminationCurrency
Automatic Early Termination
Clause Taxonomy for:
Business Outcome
Business Outcome
Business Outcome
Business Outcome
Automatic Early Termination
Credit Event Upon Merger
Clause Taxonomy for:
Business Outcome
Business Outcome
Business Outcome
Business Outcome
Credit EventUpon Merger
Payment Netting
Clause Taxonomy for:
Business Outcome
Business Outcome
Business Outcome
Business Outcome
PaymentNetting
Set Off
Clause Taxonomy for:
Business Outcome
Business Outcome
Business Outcome
Business Outcome
Set off
Automatic Early Termination
Termination Currency
Credit Event Upon Merger
Payment Netting
Set Off
Institutions have historically negotiated ISDA Master agreements adopting their “house style”. Accordingly, language has diverged
and yet in many cases the intended business outcome is intended to be identical. This programme is evaluating variants by
reference to their business outcome. A Proof of Concept was done in 2018 for 5 clauses and now a further 11 clauses have been
completed, the remainder are work in progress.
A. Strategic
Initiatives
B. ISDA
Clause
Taxonomy
C. Potential
Use Cases
D.
Conclusion
7CONFIDENTIAL2019 D2 Legal Technology
B2. CLAUSE TAXONOMY
ISDA Master Agreements
V1
V2
V3
V4
V2 V3 V4
V2 V3 V4
Automatic Early Termination
Termination Currency
ClausesClause Variants
(by Business Outcome)
V1 V2 V3 V4
Credit Event Upon Merger V1
Payment Netting V1
V1 V2 V3 V4
ISDA MA04
V1
ISDA MA01
ISDA MA02
ISDA MA03
V4
V1
V2
V4
V4
V1
V3
V1
V2
V3
V3
V4
V3
V1
V2
V2
V2
V4
V3
8
• This process should enable you to derive the component parts of the ISDA Master
agreements.
• V1 Termination Currency + V2 Automatic Early termination + V3 Payment netting, etc.
A. Strategic
Initiatives
B. ISDA
Clause
Taxonomy
C. Potential
Use Cases
D.
Conclusion
Set off
V1 V2 V3
V2
V3
V1 V1
V4
V3
V2
V1
V4
V4
V4V3
V3
V2
V2
CONFIDENTIAL2019 D2 Legal Technology
Legacy Contracts & Agreements
New Contracts & Agreements
Recategorise
Automatic Early Termination
Termination Currency
Credit Event Upon Merger
Payment Netting
Set Off
Business Outcome
Business Outcome
Business Outcome
Business Outcome
ISDAMA32
Business Outcome
Business Outcome
Business Outcome
Business Outcome
Business Outcome
ISDAMA12
Business Outcome
Recategorised LegacyContracts & Agreements
DataAnalytics
Legal Agreement Review Tools
Regulatory Reporting
Legal Agreement Data Models
Efficient Outcomes
Driven Negotiation
ISDA Create
Regulatory/ Market Change Management
Aligning Business
Processes
Firms need to accept that a rationalised contract framework with more harmonised data and finite variants, is a launchpad to more efficient and safe markets – hanging on to the” house
view “will perpetuate historical challenges.
B3. VALUE OF THE CLAUSE TAXONOMY A. Strategic
Initiatives
B. ISDA
Clause
Taxonomy
C. Potential
Use Cases
D.
Conclusion
9CONFIDENTIAL2019 D2 Legal Technology
B4. AN EXAMPLE - TERMINATION CURRENCY CLAUSE
FreelyAvailable
Condition?
Stated CCY per Party, Fallback CCY if two Affected Parties
Stated CCY, Fallback CCY if Stated CCY Not Freely Available
Stated CCY
CCY Selected by Non-defaulting Party/non Affected Party, Fallback if two Affected Parties cannot agree
CCY Selected by Non-defaulting Party/non Affected Party, Fallback if two Affected Parties cannot agree
CCY Selected by Non-defaulting Party/non Affected Party, Fallback if two Affected Parties cannot agree
CCY Selected by Non-defaulting Party/non Affected Party, Fallback if two Affected Parties cannot agree
FreelyAvailable
Condition?
FreelyAvailable
Condition?
TerminationCCY is Party
Specific?
Pre-agreed single termination
CCY?
No
Yes
No
Yes
TransactionCurrency
Condition?
Variant 4
Variant 2
Variant 1
Variant 3
Termination Currency
Business Outcome
Business Outcome
Business Outcome
Business Outcome
TerminationCurrency
A. Strategic
Initiatives
B. ISDA
Clause
Taxonomy
C. Potential
Use Cases
D.
Conclusion
10CONFIDENTIAL2019 D2 Legal Technology
B5. ISDA CLAUSE LIBRARYA CLAUSE LIBRARY IS FOUNDATIONAL TO SAFE, EFFICIENT MARKETS
June 2018RFP issued for Clause Library
September 2018Vendor engaged to deliver initial 5 clauses, taxonomy
and strategy paper
Oct 2018 to Jan 2019Initial 5 clauses analysed
Strategy Paper and Taxonomy completed
Q1 / Q2 2019Productionisation of
clause analysis
ISDA Master Agreement
ISDA Master Agreement
Phase 1.1Initial 5 clauses
300Legal Tech
WG Members
40+Working Groups
>
50,000Clauses
Analysed
126Member samples provided
36Member entities
attending
>3000Agreements
Reviewed
ISDA Master Agreement
2019Completion of ISDA Master
Agreement Clause Library and integration into member toolkits
Key insights from initial phase and Strategy Paper:• Members have
recognised the value and potential benefits of structured data
• Recognition that the benefits of a reduced list of variants could outweigh the benefits of optionality that banks have historically prioritised “the house view”
• Opportunity to connect with ISDA Create, risk and operational toolkits
11CONFIDENTIAL2019 D2 Legal Technology
A. Strategic
Initiatives
B. ISDA
Clause
Taxonomy
C. Potential
Use Cases
D.
Conclusion
Collateral
Funding & Liquidity
Risk
Legal
Trading
Data Analytics
Change Management
Common Domain Model
Document Creation • Template management
• Approval management• Negotiation• Storage
Data Consumption/
Operationalisation
• Optimise business• Regulatory
reporting• Risk and
operational management
• Use of the Clause Taxonomy to manage Regulatory and Market Change.
• Ability to assess portfolio implications of key document variants.
• E.g. How many agreements have “Termination Currency” variant 1 vs variant 2. What does this mean?
• Client Onboarding
• Optimise Business Decisions
• Regulatory reporting, QFC and BRRD
• Market Stability
Smart Contracts /
DLT
Clause Taxonomy
Dashboard
Document enhancement may be required to effect changes.
C1. CLAUSE TAXONOMY - “A UNIVERSAL SOCKET’’A. Strategic
Initiatives
B. ISDA
Clause
Taxonomy
C. Potential
Use Cases
D.
Conclusion
12CONFIDENTIAL2019 D2 Legal Technology
+
+
Ban
krup
tcyV
ariant 1
Netting Engine
Product Type
CP Type
CP Jurisdiction
Legal Opinions
Netting Outcome
Documentation certainty provided by Clause Taxonomy• One of the core clauses that will be
prioritized in the next phase is Bankruptcy
• For netting analysis, a combination of clauses including Bankruptcy need to be evaluated
• Provided that key components of the agreement are in a predetermined format , then this aspect of netting analysis can be streamlined
Simplifying netting analysis
• Netting analysis relies on a number of relevant components.
• The Clause Taxonomy will help to provide documentation certainty
• In future, it is reasonable to assume that a local legal opinion could provide an opinion based on ISDA 92 that has Variant 1 language
Why bother?
• Organizations are often inefficient in their netting analysis
• This approach can avoid analysis of each contract
• Reduces operational risk• If variables change, you can
potentially analyse implications more effectively
C2. THE POTENTIAL IMPACT OF THE CLAUSE TAXONOMY
op BANKRUPTCY / NETTING
A. Strategic
Initiatives
B. ISDA
Clause
Taxonomy
C. Potential
Use Cases
D.
Conclusion
13CONFIDENTIAL2019 D2 Legal Technology
ISDA Master Agreement
Credit Downgrade• These Additional Termination Events
are amongst the most negotiated clauses in the contract with many variants.
• Our hypothesis, however, is that the desired outcomes are very few and can be codified effectively through a tabular format.
Example• Here are described 3 potential
variants that are currently widely employed.
Why Bother?• The downstream operational impact
of structured data can be immense• Much more efficient negotiation• Easier digestibility with broad
stakeholder group• Less Operational risk
Bank Client
S & P Moody's S & P Moody’s
<BBB-
<Baa3 <BBB- <Baa3
Bank Client
S & P Moody’s
<BBB- <Baa3
Bank Client
S & P
<BBB-
Variant 1
Bilateral/below BBB-/two agencies
Variant 2
Unilateral/below BBB-/two agencies
Variant 3
Unilateral/below BBB-/one agency
Liquidity
RISK
Funding
Legal
RegulatoryReporting
XVA
An
alytics
C3. THE POTENTIAL IMPACT OF THE CLAUSE TAXONOMY –
ATE CREDIT DOWNGRADE
A. Strategic
Initiatives
B. ISDA
Clause
Taxonomy
C. Potential
Use cases
D.
Conclusion
14CONFIDENTIAL2019 D2 Legal Technology
ISDA Master Agreement
• Historically it has been difficult (and very manual) for firms to manage legal data systematically.
• The ISDA Clause Taxonomy is a foundational building block towards a broader strategic agenda which can take
legal data and integrate into business workflow.
• Its success is predicated on member participation.
• This member participation should comprise multi-disciplinary skillsets (e.g. Legal, Docs, XVA, Business, IT, etc.).
• The Clause Taxonomy is a “Universal Socket” that can enable streamlined front to back processes.
• Successful implementation can enable enhanced:
• Document generation;
• Document tracking;
• Negotiation;
• Business Decision-making and Reporting
• Business Process and Change Management;
• Data Analytics; and
• Transparency
D1. CONCLUSION
A. Strategic
Initiatives
B. ISDA
Clause
Taxonomy
C. Potential
use cases
D.
Conclusion
15CONFIDENTIAL2019 D2 Legal Technology
• How could this initiative potentially impact the
multidisciplinary roles across the organisation
including:
• Legal, Business, Collateral, XVA,
COO, IT, Compliance, Documentation
etc.?
• What other use cases for this structured data could
be envisaged?
• How could this drive for more structured data impact
in–flight strategic initiatives?
• Is it realistic to conclude that the industry will
coalesce around core variants and then adopt
across front to back workflow?
• If this virtual “2020 ISDA” is completed in 2020, how
long could it take to plumb into the Legal
documentation ecosystem and begin to derive
benefits?
• Has you got all the right stakeholders engaged in the
programme?
D2. QUESTIONS TO CONSIDER
A. Strategic
Initiatives
B. ISDA
Clause
Taxonomy
C. Potential
use cases
D.
Conclusion
16CONFIDENTIAL2019 D2 Legal Technology
Akber Datoo
Managing Director
+44 (0)203 070 2266
Peter Newton
Chief Operating Officer
+44 (0)7879 873899
D2LTCONTACT US
Jason Pugh
Managing Director
+44 (0)7792 006740
Larry Dobosh
US Lead
+914 525 5605
17
Rachel Scanlon
APAC Lead
+61 449 955 044
ISDA CDM™
Clive AnsellHead of Market Infrastructure and TechnologyISDA
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
https://www.isda.org/2018/11/22/isda-cdm-factsheet/
Why the ISDA CDM™ ?
ISDA CDM is a machine-readable and machine-executable data model for derivatives products, processes and calculations.
The objective of ISDA CDM is to standardise how derivatives are traded and managed through their lifecycle.Reducing costs associated with current manual processes, especially in:• trade affirmation and trade management,• collateral management,• regulatory reporting,• reconciliations,• exercises and settlements,• portfolio compression,• novation and transfers.
ISDA CDM is provided in several languages to aid deployment on many new and existing technology platforms.
• Derivatives market participants are looking at ways to reduce costs and improve the efficiency of back-office processes.
• An opportunity exists to create standards that support innovation and promote the adoption of new technologies.
• ISDA has a 30-year track record in developing industry standards.
Opportunity
• Over time, each firm has established its own systems and its own unique set of representations for data, events and processes that occur during the life of a trade.
• This has no commercial advantage. On the contrary, it results in firms continually reconciling their trades – a big drain on resources. It also curtails the potential for greater automation, resulting in increased operational risk.
• New technologies offer the potential for greater automation and efficiency, reducing complexity and costs. But effective automation can only be built on standardisation…
Catalyst
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
19
ISDA CDM 1.0
•Products:
•Vanilla CDS and interest rates swaps and option
•Calculation code:
•One day-count fraction for interest calculation
•Events:
•11 basic lifecycle events
ISDA CDM 2.0
• Products:
• A complete representation of interest rate and credit derivatives products and an initial representation of equity swap products
• Calculation code:
• A complete representation of the most commonly used ISDA-defined day-count fractions, and the fixed amount and floating amount calculations, represented as machine executable ISDA definitions.
• Events:
• A representation of a comprehensive set of 20+ lifecycle events on derivatives products, such as allocation and clearing, with associated lineage features for traceability purposes.
• An initial representation of the ISDA Credit Support Annex for initial margin.
• A comprehensive set of examples, implementation components (including apps to convert external data to CDM form, calculate interest amounts and establish lineage between sets of events), and documentation. These all facilitate CDM on-boarding by market participants and technology firms.
The ISDA CDM 2.0 is the full version of the ISDA Common Domain Model for interest rate and credit derivatives, made available to market participants and technology providers to adopt, implement and deploy in their own projects.
This version of the CDM is open to all market participants under an open license, allowing firms to use the model without charge. (Available here: https://portal.cdm.rosetta-technology.io/#/login)
What is the ISDA CDM™ 2.0 ?
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
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• ISDA CDM enables interoperability between systems/services, removing burden of setting up connections to different systems/entities, laying groundwork for STP.
• E.g. collateral management:A CSA shared with two collateral management systems, in different parts of the collateral process. If data + processes are defined in ISDA CDM, it allows for portability and easy interchange of information.
Enhance interoperability & straight through processing
• ISDA CDM promotes transparency and alignment between regulatorsand market participants.
• E.g. regulatory obligations, such as reporting* or stress testing, could be met by specifying via code that certain CDM components or data should be collected in a certain way. This will drastically improve fidelity and integrity of regulatory outcomes.
Deliver better regulatory oversight
• ISDA CDM will speed up development of new solutions for the market by allowing providers to focus on what they specialize in – the technology – rather than requiring them to interpret and represent market events and processes individually. The resulting technology solution will also be interoperable with other offerings which are using ISDA CDM.
Creates an environment for innovation in financial markets
What can the ISDA CDM™ do?
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
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Bank
Co
nsisten
t Ind
ustry
Imp
leme
ntatio
n o
f LifecycleClient
New trade
Increase
Reset
Maturity
LIFECYCLE
Venue
ClientBank
Venue
New trade
Increase
Reset
Maturity
LIFECYCLE
Each
par
ty c
aptu
res
and
pro
cess
es
the
trad
e a
nd
life
cycl
e in
th
eir
ow
n w
ay
ISDA CDM drives efficiency and reduces reconciliation in trade lifecycle
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
22
Map of Trading Scenarios
Reporting Sample per Scenario
Dealer X
Dealer Y
Every industry participant left to implement their own version based on interpretation of artefacts
Loss of inter-operability between solutions
Pervasive reconciliation issues and other operational inefficiencies
INDUSTRY PARTICIPANTSImplement their own solutions based on individual interpretations
Vendor Z
Example Artefacts:
REGULATORS & TRADE ASSOCIATIONSPublish rules and develop best practices
Resulting in fragmented and inconsistent implementations & operational Inefficiencies
How does the market implement regulation today?
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
23
INDUSTRY PARTICIPANTSImplement the same code in their solutions
REGULATORS & TRADE ASSOCIATIONS
Directly operational output (software)
Eliminates reconciliation issues by promoting a single interpretation of regulation as code
Enables inter-operability of solutions
Map of Trading Scenarios
Reporting Sample per Scenario
Example Artefacts:
Dealer X
Dealer Y
Vendor Z
Co
nsisten
t Ind
ustry Im
plem
en
tation
sHow can the market implement regulation with ISDA CDM?
Digital Regulatory Reporting (DRR)
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
24
Guidelines outlined under BCBS/IOSCO and Basel III were translated by each regulatory regime spearheading collateral management as a key function in capital markets for both bilateral and cleared OTC. Compliance has increased processing volumes significantly and will continue to do so, the need for automation in collateral management processing. The industry is faced with many challenges which has led to fragmented implementations and operational inefficiencies.
Let’s focus on challenges in collateral management today
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
Broker/ Dealers
Buy Side
Vendors
Every industry participant left to implement their own version
Loss of inter-operability between solutions
Pervasive reconciliation issues and other operational inefficiencies
INDUSTRY PARTICIPANTS
Calculation DependenciesMargin MonitoringMargin Allocation
DocumentationCollateral Segregation
Establishing Custody AccountsEligibility Schedules
Risk ControlOptimisation
Regulatory Compliance Reconciliation
Dispute ManagementEfficient Settlement
Custodians
25
Let’s focus on CDM Collateral management work to date
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
Counterparty X
Counterparty Y
Custodian
Common Domain Modelfoundations for
“ Standardised Digital Documents”
CSA represented in a standard format in collateral systems
Enable solutions inter-operability Eliminate reconciliation issues Interoperabilty
ISDA CSA IM 2016 Japanese Law
ISDA CSA IM 2016 New York Law
ISDA CSA VM 2016 New York Law
ISDA CSA IM 2016 English Law
Co
nsisten
t Ind
ustry R
epresen
tation
ISDA Collateral Documentation is currently in place within CDM, each documentation type is represented by a standard set of data points. ISDA is currently working with the industry with STP from digital document negotiation platforms into collateralmanagement platforms using standardised formats.
Vendors
26
ISDA would like to know from membership your views and ideas to develop the CDM further to assist in collateral management challenges and priorities?
What is next for ISDA CDM™ Collateral initiatives?
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
Additional ISDA collateral documentation
Collateral eligibility asset type expansion
Margin call workflows
Custodian documentation
Custodian checklists / KYC processes
MTM an IM Dispute reconciliation standards
Collateral instruction and settlement efficiencies
Broader scope of documentation improved negotiation time
Improved end to end margin call and substitution workflows
Adherence to regulatory requirements and deadlines
Settlement across multiple platforms
Improved dispute management
Timely and efficient settlement
ISDA can see potential collateral related developments in CDM focusing on the following:
27
Already planned additional enhancements include:
o A full model for data and processes within collateral agreements, which will integrate the ISDA CDM with ISDA Create and other collateral services. ISDA Create is a new platform that allows users to negotiate and execute ISDA documentation online.
o An expansion in product scope to cover:• Forwards and the foreign exchange asset class,• Equity asset class (equity/portfolio swap products initially),• Securities for collateral exchange and financing transactions,• Basic commodity products (contingent on use cases).
o Further integration of ISDA CDM with technology providers working on solutions for financial markets.
o Implementation of other reporting rules to demonstrate power of ISDA CDM to improve data quality and remove interpretation risk in regulatory implementations.
What next for ISDA CDM™ ?
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
28
Where to find out more
• Major upcoming events:
• DerivHack 2019 (Oct 16th and 17th in NYC, LDN & SGP)(contestants using ISDA CDM to tackle use cases for securities and collateral)
• ISDA Technology Forum (Nov 6th)(panel on post trade tech + CDM Implementers)
• Singapore Fintech Festival 2019 (Nov 11th -13th)(live demos from firms who have used CDM)
• Contact ISDA:• Clive Ansell – Head of Market Infrastructure and
Technology• Ian Sloyan – Director, Market Infrastructure and
Technology• Ciarán McGonagle - Assistant General Counsel
• Please direct questions/ comments to ISDA via the ISDA Market Infrastructure and Technology mailbox [email protected]
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
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