Isda seeks industry help to develop FpML for credit derivatives

The International Swaps and Derivatives Association (Isda) is seeking industry help to set up a working group to develop financial products mark-up language (FpML) for credit derivatives. FpML, a computer protocol, was built to promote the electronic trading of derivatives products following interest from a number of investment banks in 2000. The protocol already covers interest rate, equity and foreign exchange derivatives.

The original bank consortium working on FpML – – was taken over by Isda in January to facilitate more rapid adoption of the specification. In April, the first known trades using FpML were completed by online derivatives trading platform Blackbird.

The credit derivatives working group will focus initially on credit default swaps. The first meeting is planned for some time this month. Once work on single-default swaps is complete, the group will decide whether to explore standards for other credit derivatives products.

Development work by the credit derivatives working group will be included in a working draft for FpML version 4.0 due in December.

A separate working group focusing on energy derivatives may also be formed in time to incorporate standards into the December working draft, said an Isda official.

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