For
Immediate Release Friday, June 7, 2002
For More Information, Please Contact:
Stacy Carey, ISDA New York, (212) 901-6000;
Fax (212) 901-6001; scarey@isda.org
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: www.fpml.org/documents/proposals.html.
The charter of the credit derivatives working group and the full scope of the
work for version 4.0 can be found at: www.fpml.org/wg/wglist/cdwg.html
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: www.isda.org
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