The International Swaps and Derivatives Association (ISDA) has launched a new industry data project, aimed at developing an open-source standard derivatives product identification system that can be applied consistently across all derivatives facilities, including trading venues, clearing houses, repositories and other infrastructures.

According to ISDA the initiative comes in response to a variety of regulatory changes, including MiFID II / MiFIR and the US Securities and Exchange Commission’s reporting rules, which require a standardised means of identifying derivatives instruments at a granular level. ISDA notes that a common methodology for classifying and identifying derivatives instruments across all platforms will also reduce complexity and costs for market participants that need to connect to multiple trading venues, and simplify the distribution of liquidity.

View ISDA launches new industry initiative for a derivatives product identification standard, 18 September 2015