For Immediate Release Friday, June 7, 2002

For More Information, Please Contact:

Stacy Carey, ISDA New York, (212) 901-6000; Fax (212) 901-6001;





NEW YORK, Friday June 7, 2002 - The International Swaps and Derivatives Association (ISDA) today issued a call for participation for the credit derivatives working group for the Financial products Markup Language (FpML) standard. FpML is the XML-based, freely licensed, e-commerce standard supporting OTC trading of financial derivatives.


The working group will focus on credit default swaps as a product to include in the FpML standard and will work in close collaboration with the ISDA documentation group currently reviewing the 1999 ISDA Credit Derivatives Definitions. The work on credit derivatives will form part of version 4.0 of the FpML standard. The target completion date for the version 4.0 working draft is December 2002.


The working group will start from an initial proposal that can be found on the FpML website at the following link: The charter of the credit derivatives working group and the full scope of the work for version 4.0 can be found at: Parties interested in participating in this working group can do so by filling in the participation form on the FpML website: Working Group Signup.


FpML is a business information exchange standard for electronic dealing and processing of financial derivatives instruments. It establishes the industry protocol for sharing information on, and dealing in, financial swaps, derivatives and structured products, over the Internet. It is based on XML (Extensible Markup Language), the standard meta-language for describing data shared between applications. Version 3.0 of the standard covers Interest Rate Derivatives, FX and Equity Derivatives. All categories of privately negotiated derivatives will eventually be incorporated into the standard.


ISDA is the global trade association representing leading participants in the privately negotiated derivatives industry. ISDA was chartered in 1985, and today has more than 575 member institutions from 44 countries on six continents. These members include most of the world's major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Information about ISDA and its activities is available on the Association's web site:


ISDA is a registered trademark of the International Swaps & Derivatives Association, Inc.