The International Swaps and Derivatives Association, Inc. (ISDA) today announced the launch of a new Financial Products Markup Language (FpML) working group, which will focus on reporting of OTC derivative positions and regulatory reporting.
The group’s initial focus will be to extend the current FpML standard in order to define data elements for the reporting of OTC derivative positions, both to regulators and among market participants.
"Reporting of relevant data to the regulatory community and working with the regulators to turn the data available into meaningful risk management tools is one of the key commitments the industry made to regulators in the June 2 letter to the New York Fed and other regulators," said Robert Pickel, executive director and chief executive officer, ISDA. "FpML provides the technical framework to provide this data."
Building on existing work done for portfolio reconciliation and pricing and risk management, the group will focus on the regulatory requirements regarding reporting on OTC derivatives. The detailed product descriptions available for all OTC derivatives allow reporting of data with the necessary level of detail.
For more information on the working group, please visit the FpML website: http://www.fpml.org/
