The ISDA OTC Derivatives Taxonomy (“Taxonomy v1.0”) has been in use for cross-jurisdictional reporting for Credit, Rates, Equities, Commodities and FX since 2012.
In 2015, an update to the ISDA OTC Derivatives Taxonomy was undertaken through the collaboration of industry working groups, asset class experts, and steering committees to version 2.0 (“Taxonomy v2.0”). As global data harmonization efforts moved to the forefront, work on Taxonomy v2.0 was paused at the last point in the ISDA Taxonomy governance process, which is a period of public comment.
MIFID II/MiFIR comes into force 3 January 2018. MiFIR mandates the ISIN for derivatives.
ANNA-DSB, generator for OTC derivative ISINs, has built its derivative instrument definitions and product templates based on Taxonomy v2.0.
For this reason, ISDA proposes to allow two versions (specifically, Taxonomy v1.0 and Taxonomy v2.0) of the ISDA Derivatives Product Taxonomy to exist in parallel, but to operate independently of one another. Taxonomy v1.0 would retain its status of “Final” and can still be used for purposes of regulatory transaction reporting, and Taxonomy v2.0 would advance, after a public comment period, to “Final” status for purposes of ISIN generation. A Taxonomy v2.0 value would be need to be provided as an input when requesting an ISIN from the ANNA DSB ISIN system. Links to view Taxonomy v1.0 and Taxonomy v2.0 are provided below.
In order to move Taxonomy v2.0 from draft to “Final” status, a 30 day public comment period beginning 3 December 2017 has been opened to solicit further input or objections to the summarized proposal. Upon completion of the 30 days, Taxonomy v2.0 would be deemed as “Final” for purposes of ISIN generation, absent objections from the comment period. Since Taxonomy v1.0 is already in a “Final” state and used for such purposes such as regulatory transaction reporting, no further action for Taxonomy v1.0 is proposed at this time.
Input or objections to the proposal can sent to ISloyan@isda.org and EHsu@isda.org during the 30 day comment period.
Taxonomy v1.0_CR RA FX EQ CO
Taxonomy v2.0 EQ CR FX IR
Taxonomy v2.0 CO
ISDA OTC Taxonomies “Rules of Operations” for the Taxonomy governance process
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