For trade reporting, 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, industry working groups, asset class experts, and steering committees began a collaboration to update Taxonomy v1.0 for trade reporting.  However, as global data harmonization efforts moved to the forefront, industry agreed to pause the work to update Taxonomy v1.0.  Parties are able to opt to use Taxonomy v1.0 for purposes of regulatory transaction reporting until such time as the relevant global standard for product identification is established.

MIFID II/MiFIR (including RTS 1, 2, 22, and 23) that initially came into force 3 January 2018 mandated the ISIN for identification of financial instruments, including derivatives.  Industry working groups, asset class experts, and steering committees collaborated to form “Taxonomy v2.0” which could be used as inputs when requesting an ISIN for MiFID II, until such time as the relevant global standard provider was established and fully operational.

Taxonomy v1.0 and Taxonomy v2.0 operate independently of one another.

For Taxonomy v1.0 or v2.0 questions, contact EHsu@isda.org.