The International Swaps and Derivatives Association (Isda) has issued a call for participation in a working group created to incorporate credit derivatives into the Financial products Markup Language (FpML) standard.
FpML is the XML-based e-commerce protocol supporting OTC trading of financial derivatives. Version 3.0 of the FpML standard currently covers interest rate derivatives, FX and equity derivatives.
The Isda working group will focus on credit default swaps as a product to include in the standard and will work in close collaboration with the ISDA documentation group currently reviewing the 1999 Isda Credit Derivatives Definitions. It is expected that credit derivatives will form part of FpML version 4.0. The target completion date for the version 4.0 working draft is December 2002.
The working group will start from an initial proposal that can be found on the FpML website at the following link: www.fpml.org/documents/proposals/index.asp.