JDX Highlights From ISDA’s Technology Forum in London

    November 14, 2019

    “Together, let’s work to take the derivatives market closer to 5G” – Scott O’Malia, ISDA CEO

    JDX’s Charles Post recently had the pleasure of moderating an informative panel discussion on the ‘Opportunities in AI’ at the ISDA technology forum in London.

     The panel discussed how Artificial Intelligence (AI) has the potential to fundamentally transform the shape and structure of financial institutions and the nature of financial markets. Reflecting on the panel discussion, Charles highlighted the following:

    • AI can be utilised to transform unstructured data into structured data. Manufacturing these results requires people, process, standards and technology (the tools!) that are governed, auditable and explainable. ISDA’s Common Domain Model (CDM), Clause Library and ISDA Create Tool and other vendor solutions are all pivoted towards the goal of a more efficient market via straight-through-processing
    • AI can be designed and deployed to augment and accelerate traditionally manual processes, in a scalable and homogenous way e.g. discovering LIBOR impacted contracts
    • The technological playing field is rapidly changing—digital technologies are upending traditional business models and organisations need to swiftly adapt, by becoming more agile, efficient, data driven and technologically focused. Otherwise they risk being disintermediated by a new breed of competition, FinTech, and at the pace of Moore’s law
    • New technologies such as smart contracts, can be designed and engineered to bring objectivity and certainty, circumventing other traditionally more expensive paths to resolution

    ISDA’s agenda included a full day of innovative discussions, with a keynote address by Sir Geoffrey Vos, Chancellor of the High Court of England and Wales.

    After the event, ISDA CEO Scott O’Malia highlighted that speakers and panellists demonstrated solutions they’ve developed as well as concepts that they are working on. His three key takeaways were:

    • Standardisation is a prerequisite for automation
    • Automation is going to give us the opportunity to put it on mutualised solutions…
    • …to really cut costs and deliver more accurate data and information
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