The International Swaps and Derivatives Association (ISDA) has published a recommendation for version 5.3 of the Financial products Markup Language (FpML), the industry standard format for OTC derivatives and complex products. A recommendation is the final step in the development process of a new version.
Version 5.3 is focused on Commodity Futures Trading Commission (CFTC) reporting requirements to swap data repositories and real-time reporting. Work has also been ongoing to include support for Unique Swap Identifiers (USI), Legal Entity Identifiers (LEI) and the interim CFTC Compliant Identifier (CICI). The ISDA taxonomy has also been integrated into the standard.
It also includes better 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.
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