ISDA has launched a new digital documentation platform, aimed at improving the ability of firms to efficiently access and navigate ISDA documents.
Called MyLibrary, the platform has been developed in conjunction with Kinetix Trading Solutions and Linklaters >Nakhoda, and incorporates a range of state-of-the art, user-friendly features, including enhanced navigation and search, comparison tools and bookmarking.
MyLibrary will initially include the new 2021 ISDA Interest Rate Derivatives Definitions and the 2002 ISDA Master Agreement. Other documentation will be available in digital form via the platform over time, in line with ISDA’s strategy to facilitate greater automation and efficiency in derivatives markets.
“MyLibrary is a 21st century solution to the publication of ISDA documentation, providing our members with up-to-date digital versions of ISDA’s documentation and definitions. Firms will be able to source and reference key documents, terms, legal clauses and definitions via a search-enabled online platform, with the ability to compare different versions of documents side by side. Using the platform means members will always be able to easily construct a full legal representation of a trade consistent with the terms applicable at the time the transaction was executed,” said Scott O’Malia, ISDA’s Chief Executive.
“MyLibrary is a great example of how technology can make documents work harder and intuitively for users. MyLibrary enables users to surface pertinent terms, compare different document versions and access educational materials, all with a few clicks, whether from a desktop or mobile device,” said Deepak Sitlani, Derivatives Partner at Linklaters.
“We are excited to collaborate with ISDA and Linklaters in the industry’s digitization journey to promote greater transparency and optimization of research of derivatives contracts. ISDA’s adoption of the Kinetix digitization framework will offer the latest artificial intelligence (AI) and natural language processing techniques to help drive client- and business-centric innovation, and will allow users faster and flexible ways to analyze regulatory and market-standard provisions used to drive trading decisions. This is a great example of how our digitization framework can be applied to any rulebook, and is a stepping stone towards a feature-rich toolkit for industry participants,” said Paul Puskuldjian, Chief Operating Officer of Kinetix.
Features of the new platform include:
Comparison Tools: The electronic format allows ISDA to revise and update its new documents in full each time an amendment is required, avoiding the need to publish separate supplements. Users can easily view the prevailing version of the document as of any date and can compare different versions in blackline as they are published.
Navigation and Search: Firms can navigate through the documents via index links and can perform complex searches based on words, phrases or categories across all documents on the platform. Embedded links within the text allow users to view definitions of terms via pop-up boxes, while links to external resources provide access to useful materials, including video explainers.
Bookmarks: Users can bookmark documents and topics, and the list of bookmarks will be preserved for each user. Firms can also save collections of documents, parts of documents or different versions of the same document for future reference.
Documents on MyLibrary can be viewed on both desktop and mobile devices.