January 30, 2026
ISDA publishes the First Working Draft for FpML version 5.14 (build 1)
NEW YORK, January 30, 2026 - The International Swaps and Derivatives Association, Inc. (ISDA) published the First Working Draft for Financial products Markup Language (FpML) version 5.14.The FpML 5.14 draft is available on the FpML website in the Specifications section at: www.fpml.org/spec/fpml-5-14-wd-1
Highlights:- Added support for Commodity Schedule and delivery properties, providing more flexible representation for commodity products (e.g., hourly schedules)
- Change stubPeriodType cardinality from 0..1 to 0..2 enabling both initial and final stub types to be expressed simultaneously to support IRD trades with asymmetric stub conventions
- Deprecated publicDisclosure / regulatoryDisclosure related messages and types
- Fixed examples failing business rule validation
Changes compared to FpML 5.13 Recommendation - build #7
- [All Views]
- Updated several "-examples.xml" files to fix failing sample links.
- [Confirmation/Recordkeeping/Reporting/Pretrade] The element stubPeriodType is now of cardinality 0..2 instead of 0..1 to allow the possibility of expressing the type for both an initial and final stub at the same time. Description updated accordingly.
- [Confirmation/Recordkeeping/Transparency/Reporting] Added the commodity schedule proposal, including the refactoring of the delivery properties as a substitution group. Added documentation for Commodity Schedule.
- [Confirmation View]
- Added Commodity Schedule sample:
- com-ex49-electricity-swap-hourly-off-peak-with-schedule.xml
- Added multiple stub period types sample:
- ird-ex76-long-stub-swap-with-stub-period-types.xml
- Deprecated sample ird-30-swap-comp-avg-relative-date.xml (XAPWG decision 2025-09-18).
- Fixed business rule validation errors for Interest Rate Examples as part of the ongoing example revision by the XAPWG:
- ird-ex05a-long-stub-swap.xml
- ird-ex09a-euro-swaption-explicit.xml
- ird-ex30-swap-comp-avg-relative-date.xml
- ird-ex32-zero-coupon-swap-normal-rate.xml
- ird-ex37-zero-coupon-swap-known-amount-schedule.xml
- ird-ex53-xccy-swap-OIS.xml
- ird-ex56-CNREPOFIX-swap.xml
- ird-ex58-xccy-swap-lookback_compound.xml
- ird-ex58-xccy-swap-lookback_compound.xml
- ird-ex60-trs-basket.xml
- ird-ex61-trs-single-underlyer.xml
- ird-ex62-trs-single-underlyer-short.xml
- ird-ex74-fixed-fixed-basis-swap-AUD.xml
- ird-ex75-fixed-fixed-basis-swap-JPY-USD_Non_Mark-To-Market.xml
- Added Commodity Schedule sample:
- [Recordkeeping View]
- Deprecated the following publicDisclosure / regulatoryDisclosure-related types and usages of the types:
- PublicDisclosureAcknowledgement
- RegulatoryReportingAcknowledgement
- RegulatoryReportingException
- RegulatoryWithdrawal
- Deprecated the following publicDisclosure / regulatoryDisclosure-related types and usages of the types:
- [Transparency View]
- Deprecated publicDisclosure structure (approved RPTWG 2025-09-25). Deprecated types:
- PublicDisclosure
- EventTaxonomy
- ApplicableRegulations
- PublicRegulationDetails
- RegulatorApplicability
- ReportingAndCounterParty.model
- PublicReporting.Part43_2012
- PublicReporting.Part43_2019
- Deprecated the following publicDisclosure / regulatoryDisclosure-related types and usages of the types:
- PublicDisclosureAcknowledgement
- RegulatoryReportingAcknowledgement
- RegulatoryReportingException
- RegulatoryWithdrawal
- Period.model made available for Transparency View.
- Deprecated publicDisclosure structure (approved RPTWG 2025-09-25). Deprecated types:
Incompatible changes compared to FpML 5.13 Recommendation
- None.