Section 719(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act  2010 requires the Securities and Exchange Commission and the Commodity Futures Trading Commission jointly to study the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions which may be used to describe complex and standardized financial derivatives, and the extent to which such algorithmic descriptions, together with standardized legal definitions, may serve as the binding legal definition of derivative contracts. The report concludes that current technology is capable of representing derivatives using a common set of computer-readable descriptions which are precise enough to use both for the calculation of net exposures and to serve as part or all of a binding legal contract. Further, the study concludes that before mandating the use of standardized descriptions for all derivatives, the following are needed: (i) a universal entity identifier and product or instrument identifiers; (ii) a further analysis of the costs and benefits of having all aspects of legal documents related to derivatives represented electronically; and (iii) a uniform way to represent financial terms not covered by existing definitions.