The International Swaps and Derivatives Association (ISDA) and London-based legal services firm aosphere have launched a new service that will enable users to assess issues relating to the enforceability of executed and confirmed contracts across the globe, ISDA announced today.
ISDA said that the tool called diligence – ISDA e-contracts, covers ISDA’s e-contract opinions and allows ISDA members to rapidly view factors relating to the use of electronic contracts, e-signatures and click-through agreements in an intuitive colour-coded web format, including enforceability and admissibility of electronic records in court proceedings.
The tool is hosted on the aosphere platform, which also hosts other services that analyze ISDA opinions including netalytics and CSAnalytics.
ISMA said that the launch of service reflects the increasing number of derivatives, securities financing and repo transactions that are being executed and confirmed electronically.
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Due to the coronavirus pandemic, interest in e-contracts has further heightened. The introduction of remote working highlights challenges and inefficiencies associated with the physical delivery of signed paper documents and notices.
In response, ISDA has expanded the scope and jurisdictional coverage of its e-contract opinions. 37 jurisdictions are currently covered, with a further 10 commissioned this year.
New York-headquartered ISDA is a trade organisation of participants in the market for over-the-counter derivatives. It has created a standardised contract to enter into derivatives transactions.
ISDA has more than 820 members in 57 countries, its membership consists of derivatives dealers, service providers and end users.