FpML.org is inviting vendors and financial institutions to propose a series of Financial products Markup Language-based tools and utilities to help users incorporate the standard for OTC derivatives trading.
Brian Lynn, co-chair of the FpML standards committee, says the organisation is especially interested in proposals within the following areas:
* software language APIs where there would be one open API specified per software language (e.g. Java). The API would form the basis for FpML implementations in the language, similar to the current DOM specification and its usage;
* validation components to provide against FpML schemes and against business rules;
* format transformation for mapping, XLST and code; and
* matching service components to compare contracts to determine equivalence.
All proposals should be submitted in MS Word or MS PowerPoint format to tools@fpml.org by Friday, 14 December, 2001. Depending on the response and coverage of the proposals, focused FpML Tools Working Groups may be established to discuss, determine and publish requirements and open specifications.
FpML version 1.0 was endorsed in May 2001, and covers interest rate swaps and forward rate agreements. Version 2.0 extends the standard to interest rate options including swaptions, caps and floors, and the coverage of swaps to include FX resetables, cancelables and early termination provisions.