  High-value derivatives contracts require substantial legal protection and
often utilise standardised legal documentation provided by the International
Swaps and Derivatives Association (ISDA). Smart Derivatives Contracts aim to
automate many aspects of high-value contracts, including automation of the
provisions of the ISDA legal documentation. Here we investigate how the ISDA
Master Agreement may affect the automation of payments and deliveries: we
provide a framework for understanding how high-value derivatives contracts are
structured at different levels, in terms of both the legal documentation and
the workflow; we explain issues relating to how the smart contract code
processes payments-related and deliveries-related events; and we discuss the
extent to which these are amenable to automation.
