British investment bank Barclays is sponsoring a hackathon to find the best blockchain solution to increase the efficiency of derivatives contracts processing, according to an announcement published August 9. Barclays is partnering with other market majors like Deloitte, the International Swaps and Derivatives Association (ISDA) and Thomson Reuters for the event.
At the two-day DerivHack hackathon, participants will be given an opportunity to implement their ideas and apply the ISDA Common Domain Model (CDM) to distributed ledger technology. The final goal of the event is to find solutions to use cases in post-trade processing of derivatives contracts.
The ISDA CDM provides a standard digital representation of events and processes which may happen in the course of a derivatives trade, presented in a machine-readable format. The product is designed to enhance consistency and aid interoperability across firms and platforms.
Per the announcement, Barclays will lay down challenging use cases to simulate the derivatives market, like an overhaul of derivatives
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Barclays Sponsors Blockchain Hackathon to Explore Derivatives Contracts Processing