ISDA has published a number of papers exploring issues of legal and regulatory uncertainty as market participants seek to apply new technologies, such as smart contracts and DLT, to derivatives trading.
This page will be updated as new papers are published (most recent update: 10th February 2020)
Smart Contracts and Distributed Ledger – A Legal Perspective (2017)
Co-authored with Linklaters, this whitepaper sets out what smart contracts and DLT are, how they might be used in a derivatives context and what the legal considerations are.
Private International Law Aspects of Smart Derivatives Contracts utilizing Distributed Ledger Technology (2020)
Co-authored with Clifford Chance, R3 and Singapore Academy of Law, this paper discusses the private international law, or conflict-of-law, aspects of derivatives contracts governed by the laws of Singapore and England and Wales involving distributed ledger technology.
ISDA Legal Guidelines for Smart Derivatives Contracts
ISDA Legal Guidelines for Smart Derivatives Contracts – Introduction (2019)
The introductory paper in a series of legal guidelines for smart derivatives contracts, intended to explain the core principles of ISDA documentation and to raise awareness of important legal terms that should be maintained when a technology solution is applied to derivatives trading.
The second in a series of legal guidelines for smart derivatives contracts, summarizing the main elements of the ISDA Master Agreement and setting out considerations for technology developers when developing and implementing new technology solutions in the derivatives market.
ISDA Legal Guidelines for Smart Derivatives Contracts – Collateral (2019)
The third in a series of legal guidelines for smart derivatives contracts, summarizing existing legal standards as set out in ISDA’s collateral documentation and identifying key points for technology developers to consider as they develop and implement new technology solutions within the collateral management process.
ISDA Legal Guidelines for Smart Derivatives Contracts – Equities (2020)
The fourth in a series of legal guidelines for smart derivatives contracts, intended to support technology developers, lawyers and other key stakeholders in the development of smart derivatives contracts in the equity derivatives market.
The fifth in a series of legal guidelines for smart derivatives contracts, intended to support technology developers, lawyers and other key stakeholders in the development of smart derivatives contracts and other technology solutions in the interest rate derivatives market.
Smart Derivatives Contracts: The ISDA Master Agreement and the Automation of Payments and Deliveries (2019)
An academic paper exploring which provides a framework for understanding how derivatives contracts are structured at different levels, in terms of both the legal documentation and the work-flow and discusses how smart contract code might processes and automate payments-related and deliveries-related events.