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Electronic execution: Difference between revisions
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For a properly-implemented digital execution strategy will not just keep your [[ISDA ninja]]s safe from [[Coronavirus|pandemic]], but will yield productivity and data control benefits out of all proportion to the simplicity of the technology. This, [[Jolly Contrarian|Mystic Meg]] feels, will have a far bigger impact on productivity than [[chatbot]]s, [[natural language processing]] or the forthcoming [[Singularity]]. It’s just not as ''sexy''. | For a properly-implemented digital execution strategy will not just keep your [[ISDA ninja]]s safe from [[Coronavirus|pandemic]], but will yield productivity and data control benefits out of all proportion to the simplicity of the technology. This, [[Jolly Contrarian|Mystic Meg]] feels, will have a far bigger impact on productivity than [[chatbot]]s, [[natural language processing]] or the forthcoming [[Singularity]]. It’s just not as ''sexy''. | ||
But first, a self-indulgent foray into the [[jurisprudence]] of the contract itself. | |||
{{contract vs document}} | {{contract vs document}} | ||
=== | ===So does electronic execution work, then?=== | ||
Cue voluminous, sombre, [[tedious]] monographs on the legal effectiveness in different jurisdictions | Cue voluminous, sombre, [[tedious]] monographs on the legal effectiveness of electronic execution in different jurisdictions.<ref>The [https://www.lawcom.gov.uk/project/electronic-execution-of-documents/ UK Law Commission], as recently as March 2020, for example.</ref> These are mainly confined to the specific issues arising where a local jurisdiction prescribes some form to the way one enters into a special ''type'' of contract — one relating to the conveyance of real estate, for example, or a [[deed]]. | ||
So — unless your [[Financial instrument|instrument]] is a [[deed]] or [[lease]] or has such peculiar formal execution requirements — and most [[confirmation]]s, instructions and even master trading agreements which pass between the operational teams of financial institutions won’t<ref>Exception: anything signed as a [[deed]]: a [[security financial collateral arrangement]], for example, or a [[guarantee]] or a master agreement building a security interest in, such as a [[prime brokerage agreement]]</ref> — it needn’t be that complicated. Generally, digital signatures are fine and, in many respects, ''better'' than handwritten signatures, especially a scanned, emailed [[facsimile]] of a handwritten signature which could easily have been forged. | So — unless your [[Financial instrument|instrument]] is a [[deed]] or [[lease]] or has such peculiar formal execution requirements — and most [[confirmation]]s, instructions and even master trading agreements which pass between the operational teams of financial institutions won’t<ref>Exception: anything signed as a [[deed]]: a [[security financial collateral arrangement]], for example, or a [[guarantee]] or a master agreement building a security interest in, such as a [[prime brokerage agreement]]</ref> — it needn’t be that complicated. Generally, digital signatures are fine and, in many respects, ''better'' than handwritten signatures, especially a scanned, emailed [[facsimile]] of a handwritten signature which could easily have been forged. | ||