United States: ISDA Provides Reporting Guidelines on 2021 Interest Rate Definitions
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ISDA published guidance on how the implementation of the 2021 interest rate definitions may impact regulatory transaction reporting.
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, âthe majorityâ of the EMIR and MiFID II fields should be declared as before. Exceptions can include:
- for EMIR, the âFloating Rate of Leg 1â and âFloating Rate of Leg 2â fields; and
- for MiFID II, the âUnderlying index nameâ 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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