ISDA set to enhance CCS 24 October 2012New York Reporter: Jenna Jones
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The International Swaps and Derivatives Association (ISDA) will help to further develop the Clearing Connectivity Standard (CCS).
ISDA will work alongside Sapient Global Markets, which initially developed the standard earlier this year in collaboration with custodian banks and futures commission merchants (FCMs), to provide program management, governance and industry oversight.
“CCS currently provides for standardised connectivity and reporting initially for central counterparty-eligible interest rate and credit default swap products in the US through LCH. Clearnet’s SwapClear and the CME Group,” said a statement from ISDA.
“The intent is to broaden the range of participants to include additional FCMs, custodians, asset managers and central counterparties. Future enhancements to the CCS will also include a conversion of the standard to financial products markup language, the industry data standard for OTC derivatives and complex products.”
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