  Implementing smart contracts to automate the performance of high-value
over-the-counter (OTC) financial derivatives is a formidable challenge. Due to
the regulatory framework and the scale of financial risk if a contract were to
go wrong, the performance of these contracts must be enforceable in law and
there is an absolute requirement that the smart contract will be faithful to
the intentions of the parties as expressed in the original legal documentation.
Formal methods provide an attractive route for validation and assurance, and
here we present early results from an investigation of the semantics of
industry-standard legal documentation for OTC derivatives. We explain the need
for a formal representation that combines temporal, deontic and operational
aspects, and focus on the requirements for the temporal aspects as derived from
the legal text. The relevance of this work extends beyond OTC derivatives and
is applicable to understanding the temporal semantics of a wide range of legal
documentation.
