ISDA Proposal: Standardized OTC Derivatives

This is rather interesting:

“The International Swaps and Derivatives Association (ISDA) has proposed a new reference data registry for standardized over-the-counter derivative contracts which would leverage the FpML standard to provide a basic description of the contracts and identification codes through their lifecycle.

The New York-based trade association for the $700 trillion market defined standardized OTC derivatives as those which are electronically executed or centrally cleared through a clearinghouse.

The registry, says ISDA, will simplify trade processing and reporting of OTC derivative contracts because financial firms can abstract the economics of the trade through reference data instead of having to specify them as part of each transaction.”

Comments are due on ISDA’s proposed derivative product registry (DPR) by May 8.

Hat tip Louise Story

ISDA Proposes Registry for Standardized OTC Derivatives
Chris Kentouris
Securities Technology Monitor, April 18, 2011

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