New industry initiative launched by ISDA for Derivatives product identification standards

ISDA has launched a new industry data project, aimed at developing an open-source standard derivatives product identification system that can be applied consistently and comprehensively across all derivatives facilities, including trading venues, clearing houses, repositories and other infrastructures.

ISDA is overseeing the symbology project, which involves a consortium of buy- and sell-side market participants, vendors, platforms and trade associations.

The initiative comes in response to a variety of regulatory changes, including MIFID II/MIFIR and the SEC’s reporting rules, which require a standardised means of identifying derivatives instruments at a granular level. The aim is to also cut complexity and costs for market participants that need to connect to multiple trading venues and simplify the distribution of liquidity.

See full ISDA announcement here