OFR Offers Approach to Standardize Terms and Formats for Financial Instruments

The Office of Financial Research ("OFR") described an approach for creating a terms and reference database and standard document formats for financial reporting. The database would provide financial instrument reference standards to facilitate trade and position reporting through "common terminology, formats, and structures."

OFR explained that common terminology will reduce disagreements among market participants and regulators over the terms, definitions and formats of a financial instrument. The OFR suggested that this approach will permit a "private-sector solution with public-sector involvement," and that it could begin by collaborating with private-sector participants in identifying sources of non-proprietary reference data.

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