ISDA and several other industry group associations (the “Associations”) expressed their joint commitment to moving financial markets toward a “digital future.”

In a letter addressed to the Financial Stability Board, IOSCO and the Basel Committee on Banking Supervision, the Associations emphasized the benefits of new technology. The Associations stated that moving towards a digital future will result in (i) standardized risk management processes and the introduction of “real-time regulatory oversight,” and (ii) more efficient operational processes in order to provide better customer service and reduce costs for both businesses and consumers. Furthermore, the Associations noted, the COVID-19 pandemic has placed even greater focus on (i) “how trading and operations should function,” and (ii) ways in which firms can digitize and automate their own internal operations.

Primary Sources

  1. Joint Association Letter to FSB, IOSCO and BCBS: Digital Future for Financial Markets

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