Monticello consultants attended last week’s ISDA training centered around recent ISDA efforts to standardize how derivative counterparties negotiate, digitize, and monitor their contractual agreements. Key topics included the recently launched ISDA Clause Taxonomy Library, the ISDA Common Domain Model (CDM), and the future of Smart Contracts and Digital Assets. ISDA standards and protocols will be a critical factor in the industry-wide transition from LIBOR to Alternative Reference Rates over the next two years. Financial institutions need to stay well-informed of major ISDA developments and create implementation and adoption plans if they want to make their legal agreements more manageable in the future.