The fast pace and broad scope of new regulation are driving participants in the complex derivatives markets to adapt quickly. Layers of old infrastructure and practices built up over time need to be overhauled to keep up with new regulation, technological change, and overall structural changes in derivatives markets. In a September 15, 2016 white paper, the International Swaps and Derivatives Association, Inc. (ISDA) has called for greater standardization and automation of derivatives trade processes in order to improve efficiency, reduce complexity, and lower costs for market participants. According to ISDA’s chief executive Scott O’Malia, "More recently, the sheer pace of regulatory change has meant firms have been under pressure to tackle the next pressing deadline. The result is a derivatives infrastructure that is duplicative and based on incompatible operating standards, and this isn’t sustainable.” The white paper identifies a number of ways the ISDA proposes to automate and streamline the significant reporting, trading, clearing and collateral management requirements that have emerged as a result of regulatory changes. In addition, the paper highlights areas where greater standardization and investments in technology, like blockchain, can make traded processing faster, more efficient, and more cost-effective at all stages of derivatives trading.