ISDA provides reporting guidance on 2021 interest rate definitions – Finance and Banking

United States: ISDA Provides Reporting Guidelines on 2021 Interest Rate Definitions

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ISDA has issued guidance on how the implementation of the 2021 interest rate definitions may impact regulatory reporting of transactions.

In the guidance, the ISDA clarified that transactions reported before October 4, 2021 (and using ISDA 2006 definitions) will not require any data change and, therefore, will not require re-reporting. Following the implementation of the 2021 definitions, “the majority” of the EMIR and MiFID II fields should be declared as before. Exceptions can include:

  • for EMIR, the “Floating Rate of Leg 1” and “Floating Rate of Leg 2” fields; and
  • for MiFID II, the “Underlying index name” field,

which can be entered with different values.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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