ISDA Focus: Identifiers and OTC Taxonomies

As part of the ongoing effort to improve the OTC derivatives infrastructure, ISDA developed an implementation plan in June 2011 to define a standardized taxonomy (classification) for OTC derivatives and develop Unique Product Identifiers (UPI).

The ISDA OTC Taxonomies and UPI will support regulatory mandates to increase transparency through public and regulatory reporting. In addition to the coordination of the market discussions that led to the proposed taxonomies for the different asset classes, ISDA put a governance model in place to oversee the development of the taxonomies and ensure proper support going forward.

The final taxonomies will be included in the FpML data standard to facilitate the reporting process. Coordination with other international standards such as ISO to align with the ISDA taxonomies is ongoing.


DateTitle / DescriptionDocuments
September 30, 2016
Response to CPMI-IOSCO's second Consultative Report on the Harmonisation of the Unique Product Identifier (UPI)
ISDA's response to the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) second consultative report on the Harmonisation of the Unique Product Identifier (UPI).
CPMI-IOSCO_UPI2_ISDA_Response_30_September_2016_Final.pdf
May 23, 2016
Principles on the Development of Derivatives Product Identifiers
Regulators and market participants agree on the need for a global unique product identifier (UPI) for derivatives. ISDA has established four principles, which are essential for the successful development and deployment of an extensible product identifier.
Product identifier principles FINAL.pdf
February 24, 2016
Response to CPMI-IOSCO's Consultative Report on the Harmonisation of the Unique Product Identifier (UPI)
ISDA’s response to the CPMI-IOSCO Consultative Report on the Harmonisation of the Unique Product Identifier (UPI).
CPMI-IOSCO_UPI_ISDA_Response_24_Feb 2016_FINAL.pdf
March 25, 2015
OTC Derivatives Products Taxonomies v2.0 - Comment Period
As data harmonization moves to the forefront, and various international bodies call for global data aggregation, many market participants felt it an optimal time to refine and update ISDA OTC Derivatives Products Taxonomy to version 2.0 (“Taxonomy v2.0”). The original version of the Taxonomy has been in use for cross-jurisdictional reporting for Credit, Rates, Equities, Commodities and FX since 2012. The update to Taxonomy v2.0 was achieved through the collaboration of industry working groups, asset class experts, and steering committees. It incorporates regulator input, suggestions for additions, reclassifications, and granularity from the industry, as well as analysis of historical data to determine where changes were needed to improve consistency. The industry is committed to implement the updated version if there is regulatory endorsement to use Taxonomy v2.0 for trade reporting. Implementation timelines are still to be determined and are dependent on this regulatory endorsement. In the interim, a public comment period has been opened to solicit further input or feedback to the attached proposals. Comments and questions can sent to EHsu@isda.org.
2015 Mar 25 ISDA Taxonomy v2.0 - Commodities_Comment period.xlsx 2015 Mar 25 ISDA Taxonomy v2 0 EQ CR FX IR_Comment period_v4.xls
January 9, 2015
OTC Derivatives Products Taxonomies - CURRENT LIVE version (updated 9 January 2015)
Previously published on 23 October 2014, the ISDA OTC Derivatives Products Taxonomies have been updated to add a value for iBoxx TRS. The Taxonomies are used for cross-jurisdictional reporting for Credit, Rates, Equities, Commodities and FX. This is the live version currently used for trade reporting. Comments and questions can sent to EHsu@isda.org.
ISDA OTC Derivatives Taxonomies - version 2015-01-09_live.xls
November 21, 2014
30 Day Comment Period - Proposed Credit ISDA OTC Taxonomy Value for iBoxx TRS (adopted 21 Dec 2014)
A taxonomy value for the iBoxx TRS (TRS on iBoxx Indices) has been proposed and ratified by the ISDA Credit Implementation Group and Credit Steering Committee. In line with the ISDA OTC Taxonomies "Rules of Operations," ISDA has published a draft of the proposed Credit taxonomy for a 30-day comment period. Absent any objections, the value will be effective 22 December 2014. Comments and objections can be sent to Ehsu@isda.org prior to this.
2014 Nov 21 ISDA OTC Derivatives Credit Taxonomies PROPOSED - iBoxx TRS Indices.xls
October 23, 2014
OTC Derivatives Products Taxonomies (updated 22 October 2014)
Previously published on 22 September 2014, the ISDA OTC Derivatives Products Taxonomies have been updated to add a value for Bond Forwards. The Taxonomies are used for cross-jurisdictional reporting for Credit, Rates, Equities, Commodities and FX.
ISDA OTC Derivatives Taxonomies - version 2014-10-22_live.xls
September 22, 2014
30 Day Comment Period - Proposed Rates ISDA OTC Taxonomy Value for BOND FORWARDS (adopted 22 Oct 2014)
A taxonomy value for Bond Forwards has been proposed and signed-off by the ISDA Rates Implementation Group and Rates Credit Steering Committees. In line with the ISDA OTC Taxonomies "Rules of Operations," ISDA has published a draft of the updated OTC taxonomy, which is open for a 30-day comment period. Absent any objections, the value(s) will be effective 22 October 2014. Comments can be sent to Eleanor Hsu at EHsu@isda.org prior to this.
2014 Sept 22 ISDA OTC Derivatives Rates Taxonomies PROPOSED - Bond Forwards.xls
September 22, 2014
OTC Derivatives Products Taxonomies (updated 22 September 2014)
Previously published on 22 October 2012, these ISDA OTC Derivatives Products Taxonomies have been updated to add a value for the new S&P/ISDA US 150 Credit Spread indices. The Taxonomies are used for cross-jurisdictional reporting for Credit, Rates, Equities, Commodities and FX
ISDA OTC Derivatives Taxonomies - version 2014-9-22_live.xls
August 19, 2014
30 day COMMENT PERIOD - Proposed Credit ISDA Taxonomy Value for S&P/ISDA US 150 Swap Indices (adopted 19 Sept 2014)
A taxonomy value for the new S&P/ISDA US 150 Credit Spread Indices has been defined and signed-off by the ISDA Credit Implementation Group and Credit Steering Committee. In line with the ISDA OTC Taxonomies "Rules of Operations" dated December 20, 2011, the draft taxonomy is now available on the ISDA website for a 30 day comment period. If you wish to comment on the proposed value, please contact EHsu@isda.org before 19 September, 2014.
2014 Aug 19 ISDA OTC Derivatives Taxonomies PROPOSED - Credit SP_DRAFTv3.xls