The International Swaps and Derivatives Association, Inc. (ISDA) has announced that Kinetix Trading Solutions and Linklaters have been selected to develop a user platform that will allow market participants to access ISDA documentation in electronic form with enhanced navigation and other features.
Kinetix, a financial technology company specializing in artificial-intelligence-driven trade management and compliance software, and Linklaters >Nakhoda were selected following a request for quotation issued in June 2020 for the development of a user-friendly, state-of-the-art platform that will enable industry participants to more easily navigate and use ISDA’s documentation.
The first documents for delivery through this new platform will be the forthcoming 2021 ISDA Interest Rate Derivatives Definitions and the 2002 Master Agreement. Other documentation will be available in electronic form via the platform over time, in line with ISDA’s strategy to facilitate greater automation and efficiency in derivatives markets.
The new 2021 ISDA Interest Rate Derivatives Definitions are due for launch later this year. By publishing them via the user platform, instead of in traditional paper and PDF form, this will be ISDA’s first natively digital definitional booklet. This will enable ISDA to amend and restate the definitions in full each time they are updated, avoiding the need for parties to manually assemble the definitional booklet plus various supplements in order to determine the terms of each trade at the time of execution. Users will also be able to quickly and easily compare different versions of the definitions as they evolve over time, use hyperlinked terms within the text to move to other parts of the document, and download or print.
Last month, ISDA announced that ISDA and Linklaters >Nakhoda have made the ISDA Master Agreement digitally available for the first time via ISDA Create, an online documentation negotiation tool. Making the Master Agreement available in electronic form on the user platform is an important complementary step to that initiative.
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