The Swap A Modernization Agenda
Jan 28, 2026
Amy Hong, head of strategy for global banking and markets at Goldman Sachs and chair of ISDA, drives modernization of derivatives markets. She discusses tokenization for faster collateral flows and legal clarity, AI for contract parsing and operations, and efforts to harmonize regulatory reporting and Basel III capital rules. Short-term tech pilots and standards top the agenda.
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Adopt Shared Data And Doc Platforms
- Use common standards like the Common Domain Model and digital platforms to reduce errors and speed workflows.
- Adopt ISDA tools such as DRR, MyLibrary, Isda Create and the Notices Hub to digitize documentation and notices.
Tokenization Reduces Collateral Frictions
- Tokenization can avoid slow collateral workflows by enabling in-kind posting without liquidation.
- This would cut costs, reduce operational strain and limit forced selling in stressed markets.
Prioritize Legal Certainty And Interoperability
- Establish legal clarity and common data standards to enable interoperable tokenized collateral.
- Work on documentation, legal opinions and CDM-based interoperability before scale adoption.