The comment period has closed and Taxonomy v1.0 and Taxonomy v2.0 are each deemed to be final as discussed in ISDA Working Groups.
The original 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 Taxonomies 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, which came into force on 3 January 2018, 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 industry working groups, after further discussions and a public comment period, have agreed for Taxonomy v1.0 and Taxonomy v2.0 of the ISDA Derivatives Product Taxonomy to both exist in parallel but to operate independently of one another.
Therefore, both versions are now live. Taxonomy v1.0 retains its status of “Final” and parties can still opt to use Taxonomy v1.0 for purposes of regulatory transaction reporting *and* Taxonomy v2.0 is also “Final” for purposes of ISIN generation. A Taxonomy v2.0 value would be used to identify product classification when requesting an ISIN from the ANNA DSB ISIN system.