What is the technology behind MLFi?
The theoretical foundation for MLFi results from a joint effort over many years between LexiFi and leading researchers in computer science. This award-winning work draws insights from the study of programming language theory to provide a clear and homogeneous framework for representing financial instruments. The main results include: • A set of about twenty basic combinators or “primitives” that capture the essence of financial contracts in order to both describe and process such contracts. The contract description is independent of any contract manipulation or valuation method. • An operational semantics designed to describe precisely how a contract evolves in its life cycle. A behavioral equivalence relationship enables the manipulation, transformation, and simplification of contracts as they evolve over time. • A valuation semantics that, for each contract, enables the creation of a program that associates a contract description and a model specification in order to automatically ge
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