On April 8th, the SEC and the CFTC delivered to Congress a joint staff study on "the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions which may be used to describe complex and standardized financial derivatives." The joint study concludes that current technology is capable of representing derivatives using a common set of computer-readable descriptions. However, before mandating the use of standardized descriptions for all derivatives, the following are needed: a universal entity identifier and product or instrument identifiers, a further analysis of the costs and benefits of having all aspects of legal documents related to derivatives represented electronically, and a uniform way to represent financial terms not covered by existing definitions. SEC Press Release.