The International Swaps and Derivatives Association released a conceptual model of the required elements of trade events and actions in order ultimately to provide a “standard blueprint” regarding how derivatives are traded and managed through their lifecycle. This model once finalized is anticipated to enable more effective use of distributed ledger technology and smart contracts in trade processing, said ISDA. ISDA indicated that its next step is to issue a request for quote to create a digital version of its so-called “common domain model.”