August 7, 2023
Publication of a new set of FpML Coding Schemes – Catalog Version 2-15
NEW YORK, August 7, 2023 - The International Swaps and Derivatives Association, Inc. (ISDA) has published a new basic and enhanced coding-scheme catalog version 2-15. Below are the changes compared to the previous version 2-14 published July 28, 2023.-
The commodityReferencePriceScheme has been updated:
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85 Agricultural CRPs supporting the revised Sub-Annex A to the 2005 ISDA Commodity Definitions published August 7, 2023.
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Version: 4-0
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Publication Date: 2023-08-07
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Background: Sub-Annex A to the 2005 ISDA Commodity Definitions contains the definitions of Commodity Reference Prices (CRPs, i.e. commodity benchmarks) that parties can reference in their OTC derivatives contracts. ISDA is conducting a comprehensive update of Sub-Annex A, which has not been updated since its original publication. Such update is being performed one section at a time, starting with Agricultural Products, then the focus will be on the Energy section. In order to facilitate the bilateral creation of CRPs that are not listed in Sub-Annex A, ISDA has formalised a CRP naming convention, which is initially being rolled out to Agricultural Products CRPs.
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All new CRP names are using a new naming convention introduced with version v4-0
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The enhanced scheme includes a comprehensive set of new reference data (a dozen or so fields) providing information such as:
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Asset class - The name of the commodity asset class to which the CRP pertains
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Product - The name of the underlying commodity product that the CRP references
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Price source - The entity that disseminates prices relevant for assessment of the CRP
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Exchange or Benchmark Administrator - The marketplace where the financial instrument related to the CRP is traded or the entity that carries out administrative activities for the benchmark to which the CRP relates
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Descriptive features or attributes of a CRP
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The textual definition of the CRP as shown in Sub-Annex A
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The currency in which the CRP is quoted
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The unit of measure in which the CRP is quoted
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Source - The publisher of the CRP
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The version of Sub-Annex A in which the CRP was first added or last updated
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The FpML Coding Schemes can be found at https://www.fpml.org/spec/coding-scheme/
- Enhanced FpML Coding Schemes Catalog available:
- ISDA has updated the enhanced coding-scheme catalog accordingly, to support the latest changes to Sub-Annex A to the Commodity Definitions, including the metadata fields which provides additional information about each CRP in the scheme. In this catalog, only the commodityReferencePriceScheme has been updated.
- More information is available at: https://www.isda.org/book/enhanced-fpml-coding-scheme-catalog
FpML is the industry standard for derivatives and complex products. A recommendation is the final step in the development process of a version. The latest version of the open-source standard is available on the FpML website: www.fpml.org.
FpML Team