ISDA details plan for automated derivatives processing
Chicago -- At the annual general meeting of the International Swaps and Derivatives Association (ISDA), executives released the association’s action plan for the automation of over-the-counter (OTC) derivatives processing.
The document, Moving Forward: An Action Plan, builds on the goals released in a December 2003 report, Going Forward: A Strategic Plan (see Operational Risk, January 2004, page 11). The strategy outlined by ISDA centres on the industry adopting a standard, secure framework for exchanging data that uses FpML, the protocol for electronic trading of OTC derivatives.
Implementation ideas include plans to improve the completeness and integrity of trade data by making each firm’s own affirmation and
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