ISDA Provides Reporting Guide on Interest Rate Definitions for 2021 – Finance and Banking

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United States: ISDA offers reporting guide on interest rate definitions for 2021

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ISDA released Guidelines on how the implementation of the interest rate definitions for 2021 can affect the reporting of regulatory transactions.

In the guidance, the ISDA made it clear that transactions reported before October 4, 2021 (and using the 2006 ISDA definitions) do not require data changes and therefore do not need to be re-reported. Once the 2021 definitions have been implemented, it is expected that “the majority” of the EMIR and MiFID-II fields will be reported as before. Exceptions can be:

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

which can be filled with different values.

The content of this article is intended to provide general guidance on the subject. Expert advice should be sought regarding your specific circumstances.

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