ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES
ASSOCIATION, INC.
For Immediate Release, Tuesday, August 4,
2009
For More Information, Please Contact:
Deirdre Leahy, ISDA New York, +1
212-901-6021, dleahy@isda.org
Cesaltine Gregorio, ISDA New York, +1
212-901-6019, cgregorio@isda.org
ISDA
Launches FpML Working Group to Enable Trade Reporting
The
group’s initial focus will be to extend the current FpML standard in order to
define data elements for the reporting of OTC derivative positions, both to
regulators and among market participants.
"Reporting of relevant data to the regulatory
community and working with the regulators to turn the data available into
meaningful risk management tools is one of the key commitments the industry
made to regulators in the June 2 letter to the New York Fed and other
regulators," said Robert Pickel, Executive Director and Chief Executive Officer,
ISDA. "FpML provides the technical framework to provide this data."
Building on existing work done for portfolio reconciliation
and pricing and risk management, the group will focus on the regulatory requirements
regarding reporting on OTC derivatives. The detailed product descriptions
available for all OTC derivatives allow reporting of data with the necessary
level of detail.
For more information on the working group, please
visit the FpML website: http://www.fpml.org/
About ISDA
ISDA, which represents participants in the privately negotiated derivatives
industry, is among the world’s largest global financial trade associations as
measured by number of member firms. ISDA was chartered in 1985, and today has
over 830 member institutions from 58 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.
About FpML
FpML (Financial products Markup Language) is the freely licensed business
information exchange standard for electronic dealing and processing of
privately negotiated derivatives and structured products. It establishes the
industry protocol for sharing information on, and dealing in, financial
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. The standard is developed under the auspices of
ISDA, using the ISDA derivatives documentation as the basis. For more
information, please visit www.fpml.org.
®ISDA is a registered trademark of the International Swaps and Derivatives Association, Inc.