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    ISDA Guide on Collateral Management Under Smart Derivatives Contracts

    September 12, 2019

    ISDA published the third in a series of legal guidelines for smart derivatives contracts. This guideline is intended to explain the core principles of ISDA collateral documentation and raise awareness—among technology developers, collateral operations, risk managers, and other key stakeholders—about important legal and regulatory issues that must be considered when a technology solution is applied to the collateral management process.

    This paper provides guidelines to help the development and application of technology in the automation of collateral management. The paper is not intended to specify or recommend any particular approach or to address any particular technological application or project. The guidelines in this paper suggest steps that should be taken to ensure that the design and implementation of new technology solutions are consistent with the existing legal and regulatory standards. The paper also highlights areas for which further industry collaboration will be required to identify and resolve the existing areas of legal and regulatory uncertainty. Specifically, the paper describes:

    • Current challenges that exist in the collateral management process and how they can be resolved through greater automation
    • The importance of increased standardization in creating the foundation for automated technology solutions
    • The ISDA strategy for developing and delivering greater standardization and digitization of ISDA collateral documentation
    • Existing legal standards as set out in the ISDA collateral documentation and the key points for technology developers to consider as they develop and implement new technology solutions within this legal and regulatory framework

     

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    Keywords: International, Banking, Securities, Smart Contracts, Derivatives Contracts, Regtech, Guideline, Distributed Ledger Technology, Artificial Intelligence, Automation, Fintech, ISDA

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