Conclusion • Smart contracts are an important technical innovation that will increasingly be employed for both relationship documentation and trades in OTC markets • Smart contracts are a viable tool for contract creation when using the FIA Terms of Business to document a clearing broker’s relationship with its client • The platforms used to build such contracts can be integrated into other enterprise systems, to assist with the capture, analysis and monitoring of such contracts • Self-executing contracts are not yet viable for client cleared derivatives, due to the level of discretion afforded to the client, the clearing broker, the clearing house and regulatory authorities in the context of a cleared derivatives transaction • We encourage the industry and vendors alike to consider further whether the current challenges in applying smart contracts to cleared derivatives are surmountable in a scalable way and, if so, how UNRESTRICTED 43