Allen & Overy, Clifford Chance, Linklaters and Latham & Watkins have joined forces to found a new data automation consortium, aimed at addressing legal inefficiencies in financial market transactions.

The consortium aims to pioneer a developing technology known as “general-purpose legal mark-up language” (GLML) — an open-source “language” which, according to the consortium, can be read by both machines and humans. The dual-reading capability enables its application to any form of financial product documentation.

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