The group aims to create ID for OTC derivatives
FIX Trading Community, the non-profit
standards body of financial trading, will sponsor the ISO Study
Group to determine the rules for the allocation of the ISIN
standard to derivative instruments.
"I don’t think we have a
choice in the matter, we have to comply with the regulations.
If we do nothing, Esma will still require the use of ISINs for
OTC derivatives. We would rather be part of the discussion and
part of the solution." Jim Northey, Americas chair for the
global technical committee and co-chair of the high performance
working group at FIX trading community told FOW.
According to FIX, the study group goals
extend beyond the ESMA requirements and include the creation of
a single global standard identifier for OTC derivatives that
can lead to increased operational efficiency, improved risk
management and more transparency for both industry and
regulators across multiple jurisdictions.
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