Nomura Holdings, Daiwa Securities, Mizuho Financial Group and Sumitomo Mitsui Banking Corporation used distributed ledger startup R3’s Corda software to streamline an ISDA Master Agreement negotiation. Corda is a distributed ledger platform providing APIs and codes for companies to build up blockchain-like applications.
The agreement is intended for over-the-counter (OTC) derivatives transactions internationally and the framework traditionally requires each party involved in the transaction to record and store the emails and documentations that are produced in internal coordination and external negotiation. Using the prototype, each time a transaction is recorded, the terms of the master agreement will apply automatically and do not need to be renegotiated, according to CoinDesk.
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