Taskforce on Open Industry Standards
The Taskforce on Open Industry Standards is the result of a commitment from the FIA Board to support a multi-year effort to bring industry stakeholders together to help find ways of modernizing standards and processes in our markets. FIA formed a global committee in December of 2020 comprising members of the FIA Board as well as representatives from global FIA committees with the following objectives:
- Advise on priorities based on recommendations from global FIA committees and divisions
- Outline an approach for FIA to engage and partner with key industry stakeholders such as exchanges/CCPs, clients and technology vendors
- Recommend a strategic plan for the initiative
Mission
The Taskforce will consist of stakeholders working in partnership to explore best practices, industry-wide standards and operation processes to make global cleared derivatives markets more efficient, resilient and competitive for all market participants.
Working collaboratively and transparently with other market participants, the Taskforce will provide an open forum for the cleared derivatives industry to gather and work toward consensus and shared standards around key operations and technology issues.
Foundational Principles
- Aim for consensus, industry-driven approach
- Must be open and transparent governance
- Leave adversarial hats at the door
- Promote competitive and innovative operation system that encourages interoperability
- Focus on practical, real-world solutions while building a foundation for larger projects
- Develop shared industry metrics that will drive accountability and success
