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NEWS RELEASE
For Immediate Release
ISDA Publishes Draft OTC Taxonomies for a 30-Day Comment Period
NEW YORK, December 20, 2011 – The International Swaps and Derivatives Association, Inc. (ISDA) published today its draft taxonomies for credit, interest rate, commodity, foreign exchange (FX) and equity derivatives. These taxonomies are currently open for a 30-day comment period.
As part of ISDA’s ongoing efforts to improve the OTC derivatives infrastructure, ISDA developed an implementation plan in June 2011 to define a standardized taxonomy (classification) for OTC derivatives and develop Unique Product Identifiers (UPI). The ISDA OTC Taxonomies and UPI will support regulatory mandates to increase transparency through public and regulatory reporting. In addition to the coordination of the market discussions that led to the proposed taxonomies for the different asset classes, ISDA put a governance model in place to oversee the development of the taxonomies and ensure proper support going forward. The final taxonomies will be included in the FpML data standard to facilitate the reporting process. Coordination with other international standards such as ISO to align with the ISDA taxonomies is ongoing.
The draft OTC taxonomies, as well as the ISDA OTC Taxonomies Rules of Operations, are available on the ISDA website.
For More Information, Please Contact:
Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org
Rebecca O’Neill, ISDA London, +44 203 088 3586, roneill@isda.org
Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org
About ISDA
Since 1985, ISDA has worked to make the global over-the-counter (OTC) derivatives markets safer and more efficient. Today, ISDA is one of the world’s largest global financial trade associations, with over 825 member institutions from 58 countries on six continents. These members include a broad range of OTC derivatives market participants: global, international and regional banks, asset managers, energy and commodities firms, government and supranational entities, insurers and diversified financial institutions, corporations, law firms, exchanges, clearinghouses and other service providers. Information about ISDA and its activities is available on the Association’s web site: www.isda.org.
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
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