Publication of a new set of FpML Coding Schemes – Catalog Version 2-15

• The commodityReferencePriceScheme has been updated:
  • 85 Agricultural CRPs supporting the revised Sub-Annex A to the 2005 ISDA Commodity Definitions published August 7, 2023.
  • Version: 4-0
  • Publication Date: 2023-08-07

• Note that CRPs (i.e. non-agricultural such as metal, energy, etc.) that have not been updated are still published/available in previous version 3-4 of the scheme at https://www.fpml.org/coding-scheme/commodity-reference-price-3-4.xml

• Background: Sub-Annex A to the 2005 ISDA Commodity Definitions contains the definitions of Commodity Reference Prices (CRPs, i.e. commodity benchmarks) that parties can reference in their OTC derivatives contracts. ISDA is conducting a comprehensive update of Sub-Annex A, which has not been updated since its original publication. Such update is being performed one section at a time, starting with Agricultural Products, then the focus will be on the Energy section. In order to facilitate the bilateral creation of CRPs that are not listed in Sub-Annex A, ISDA has formalised a CRP naming convention, which is initially being rolled out to Agricultural Products CRPs.
• All new CRP names are using a new naming convention introduced with version v4-0
• The enhanced scheme includes a comprehensive set of new reference data (a dozen or so fields) providing information such as:
  • Asset class - The name of the commodity asset class to which the CRP pertains
  • Product - The name of the underlying commodity product that the CRP references
  • Price source - The entity that disseminates prices relevant for assessment of the CRP
  • Exchange or Benchmark Administrator - The marketplace where the financial instrument related to the CRP is traded or the entity that carries out administrative activities for the benchmark to which the CRP relates
  • Descriptive features or attributes of a CRP
  • The textual definition of the CRP as shown in Sub-Annex A
  • The currency in which the CRP is quoted
  • The unit of measure in which the CRP is quoted
  • Source - The publisher of the CRP
  • The version of Sub-Annex A in which the CRP was first added or last updated

• This announcement can also be found in the technical notifications on the website.
• The FpML Coding Schemes can be found at https://www.fpml.org/spec/coding-scheme/