The International Swaps and Derivatives Association, Inc. (ISDA) today announced the publication of the Recommendation for FpML version 5.3. This version puts in place a robust technical framework for global regulatory reporting requirements. The focus in this version is the coverage of the Commodity Futures Trading Commission (CFTC) reporting requirements to swap data repositories and for real time reporting purposes.
A variety of changes have been made to the Financial products Markup Language (FpML) standard to allow for coverage of the CFTC reporting requirements, while keeping in mind the requirements from other regulators and developments in other jurisdictions. Besides the coverage for specific CFTC mandated data fields, work has been ongoing to represent the Unique Swap Identifier (USI), Legal Entity Identifier (LEI) and the interim CFTC Compliant Identifier (CICI). ISDA also integrated the ISDA taxonomy into the standard.
Besides the support for reporting, the Recommendation for FpML version 5.3 includes enhanced support for clearing messages and additional support for a variety of commodity products and processes, including the commodities large trade reporting requirements developed by the Commodities Reporting Working Group.
FpML is the industry data standard for over-the-counter (OTC) derivatives and complex products. A Recommendation is the final step in the development process of a version.
The versions are available on the FpML website. More information on the timing of future versions can be found in the FpML roadmap.
