The International Swaps and Derivatives Association (ISDA) has published its latest recommendation for Financial products Markup Language (FpML) version 5.5.
One of the areas with expanded coverage relates to the European reporting requirements covered by ESMA in the technical standards published last year, including coverage of listed derivatives as mandated by EMIR. The body has included further functionality to support the reporting of complex and bespoke products in different jurisdictions.
Other areas that have been enhanced include additional product coverage in foreign exchange for digital and barrier options and non-deliverable-forward confirmations and an expansion of equity derivatives coverage, as well as pre-trade functionality and credit limit check messages as part of the clearing functionality.
Financial products Markup Language (FpML) is the industry data standard for over-the-counter derivatives and complex products. A recommendation is the final step in the development process of a version.