‘Legal Clause Library & Legal Data Standards’ is a jointly produced white paper by ISLA/D2 Legal Technology (D2LT).
Documentation plays a crucial part in the securities lending industry, creating a set of obligations between the contracting parties and recording the terms of their transactions and relationship. Accordingly, any successful digital transformation requires a focus on documentation. ISLA has therefore mobilised a clause library and taxonomy project in respect of the GMSLA documentation suite.
The ‘Legal Clause Library & Legal Data Standards‘ white paper focuses on digital data standards created by the clause library and taxonomy project through a look at the key aspects of the securities lending industry:
- how the industry is positioned today;
- a vision for what the strategic state looks like;
- the steps required to achieve this strategic state;
- how best to achieve adoption across the industry; and
- immediate next steps.
It concludes that in an increasingly data-driven world, firms are moving to operationalise their business through automating data-driven processes, allowing greater efficiency, scalability, and resilience through the medium of data. Key to this is the representation of contractual terms and the expression of business outcomes that they represent in a manner which follows a consistent, predictable and structured data format.