Attention, blockchain coders: Barclays wants you to help revamp the global derivatives market.
According to CoinDesk, the U.K. bank will hold its DerivHack hackathon simultaneously in London and New York on Sept. 20-21 at the bank’s Rise offices. The International Swaps and Derivatives Association (ISDA), Deloitte and Thomson Reuters are co-sponsoring the event.
For the ISDA, the hackathon will provide feedback from the industry about its Common Domain Model, or CDM, a set of process and data standards.
Those taking part will be asked to apply CDM using their choice of distributed ledger technology platform to “efficiently model post-trade processing of derivatives contracts,” according to CoinDesk.
CDM attempts “to harmonize the way data are presented and reported across different firms and platforms,” CoinDesk said. That’s why its adoption is being viewed as a prerequisite for the financial industry adopting and using blockchain and smart contracts. Read more here.