Why Isins are not fit-for-purpose OTC derivatives identifiers

SocGen’s Bill Stenning says draft Mifid II regulatory technical standards need fit-for-purpose symbology


European regulators are hoping to make the over-the-counter derivatives market more transparent – a key goal and a sensible one – but doing so requires a reliable means of categorising and identifying an instrument, and officials currently propose borrowing identifiers from other markets to achieve it. That poses problems.

The identifier proposed is an International Securities Identification Number (Isin), already used very effectively to tag individual bonds, stocks and other securities. Swaps

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