As data harmonization moves to the forefront, and various international bodies call for global data aggregation, many market participants felt it an optimal time to refine and update ISDA OTC Derivatives Products Taxonomy to version 2.0 (“Taxonomy v2.0”). The original version of the Taxonomy has been in use for cross-jurisdictional reporting for Credit, Rates, Equities, Commodities and FX since 2012. The update to Taxonomy v2.0 was achieved through the collaboration of industry working groups, asset class experts, and steering committees. It incorporates regulator input, suggestions for additions, reclassifications, and granularity from the industry, as well as analysis of historical data to determine where changes were needed to improve consistency.
The industry is committed to implement the updated version if there is regulatory endorsement to use Taxonomy v2.0 for trade reporting. Implementation timelines are still to be determined and are dependent on this regulatory endorsement.
In the interim, a public comment period has been opened to solicit further input or feedback to the attached proposals. Comments and questions can sent to EHsu@isda.org.
Documents (2) for OTC Derivatives Products Taxonomies v2.0 – Comment Period
Latest
Expanding the Universe of Eligible VM
ISDA conducted a series of interviews with buy- and sell-side firms to understand the drivers of a growing use of non-cash assets as variation margin (VM) for non-cleared over-the-counter (OTC) derivatives and the barriers that remain to expanding the use...
ISDA Response on Hedge Accounting Guidance
On August 14, ISDA responded to an exposure draft from the Financial Accounting Standards Board (FASB). ISDA broadly supports the FASB’s proposed targeted improvements to hedge accounting, including allowing interest rate hedging of held-to-maturity (HTM) debt securities, recognizing all Secured...
Joint Response to EBA Consultation
On August 12, ISDA and the Association for Financial Markets in Europe (AFME) responded to the European Banking Authority’s discussion paper on certain taxonomy key performance indicators (KPIs) and other aspects of the Disclosures Delegated Act under Article 8 of...
Response to JSCC on Clearing Fund Consolidation
On August 12, ISDA responded to the Japan Securities Clearing Corporation’s (JSCC) consultation on its proposal to consolidate clearing fund consumption, calculation and deposit segmentation across six clearing qualifications under the Financial Instruments and Exchange Act. ISDA members broadly support...