The International Swaps and Derivatives Association, backed by major buy- and sell-side players, has launched a project to develop an open-source standard derivatives product identification system to be applied across all trading venues. ISDA said this was in response to regulatory changes, such as the European Union's revised Markets in Financial Instruments Directive/Regulation and the US Securities and Exchange Commission's new reporting rules "which require a standardised means of identifying derivatives instruments at a granular level." Capital markets technology consultancy Etrading Software is to be project manager. The Reserve Bank of India has granted approval to commercial microlenders to upgrade themselves into a new type of bank that it hopes will broaden access to financial services at the lower end of the market, the Financial Times reports. The RBI said ten licences to set up "small finance banks" had been granted, based on applicants' ability to raise money for the initial capital requirements, after a detailed scrutiny of their proposed business plans.