“the Securities and Exchange Commission and Commodity Futures Trading Commission (collectively Commissions) delivered to Congress a joint staff study on the the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions which may be used to describe complex and standardized financial derivatives. See Title VII, Sec. 719(b) of Dodd-Frank. Based on the public input, staff investigation and analysis, the joint study concludes that current technology is capable of representing derivatives using a common set of computer-readable descriptions. These descriptions are precise enough to use both for the calculation of net exposures and to serve as part or all of a binding legal contract.”
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