The International Swaps and Derivatives Association (Isda) has urged derivatives firms to participate in the development of a common communications protocol known as the financial products markup language (FpML).

The protocol is used for sharing information on, and dealing in, complex financial products over the internet and to simplify communication between financial institutions trading over-the-counter. It means that trade instructions, for example, can be sent in a common format and understood by all parties involved in a trade.