FIA launches project to promote best practices for derivatives processing
FIA is working with two other industry bodies—SIFMA Asset Management Group, which represents buyside institutions, and the International Securities Association for Institutional Trade Communication, which develops standards for trade processing and related communications—to discuss "pain points" in post-trade processing of cleared derivatives. The goal is to streamline the processing of trades and move toward more standardized electronic messaging among all the parties involved in the workflow, including clearing firms, asset managers, asset servicers, utilities and vendors. The three trade associations will collaborate on developing industry-wide best practices with standard protocols for the clearing workflow, including confirmations, commissions, and communications related to margin and collateral calls.
