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Modern markets are powered by data and automation - so why are their legal agreements still stuck in 1998? The collateral engine that powers the global derivatives market is still running on infrastructure built in the era of pagers and fax machines. While trading platforms have digitalised, the actual enforcement of collateral terms – who owes what, when, and what happens if they don’t deliver - remains largely manual, opaque, and operationally fragile. Margin calls are mana