The International Swaps and Derivatives Association (ISDA) will partner up with Markit to develop a solution that enables counterparties to amend their OTC derivatives documentation to help compliance with Dodd-Frank.
ISDA and Markit expect that the solution will also be enhanced to facilitate compliance with regulatory requirements in other jurisdictions as they are finalised.
“ISDA is very pleased to work with Markit to provide an important service to firms who are faced with significant compliance requirements within a very short timeframe,” said Robert Pickel, ISDA chief executive officer. “We believe it will be an effective, efficient solution for market participants in the US and eventually in Europe and around the world.”
“The industry is working against aggressive timelines,” asserted a statement from ISDA. “ISDA and Markit expect to have an electronic questionnaire and reporting structure operational by August 1, 2012 in order to facilitate compliance with Dodd-Frank External Business Conduct rule October deadlines, with successive iterations available prior to other regulatory implementation deadlines.”
