Progress Software Corporation (NASDAQ: PRGS), a leading software provider that enables enterprises to be operationally responsive, today announced the availability of the Progress DataXtend Browser for Financial products Markup Language (FpML), a free offering that will enable users to more easily navigate and understand complex FpML data models.
FpML is an XML-based message standard used widely in the OTC (over the counter) derivatives industry and licensed by the International Swaps and Derivatives Association (ISDA). FpML is used as the standard language for OTC derivatives transactions to facilitate communication between systems and counterparties. The problem is that financial institutions often struggle to navigate and adapt the complex data models associated with FpML, which is updated multiple times per year.
As a result, organizations will be able to improve compliance with the FpML standard used throughout the OTC derivatives industry; additionally, they can improve organizational efficiencies and FpML adoption through a better understanding of FpML relationships.
Based on the award-winning Progress DataXtend Semantic Integrator, the DataXtend Browser for FpML will make it easier for organizations to search and understand complex FpML syntax and validation rules, compare disparate FpML data models, and better understand the FpML hierarchy and relationships. The new color-coded model, which the browser enables, offers developers and architects a more natural and intuitive way to view FpML syntax than the manual alternative of searching through vast sets of files.
"The development and communication of FpML messages plays an important role in enabling OTC derivative related transactions," said Robert Stowsky financial services director at Progress Software. "With the market coming under increasing scrutiny from regulators, it is critical for organizations to quickly and efficiently integrate emerging standards such as FpML. Progress Software provides the tools necessary for financial organizations to manage the diverse and constantly changing data models and standards at the core of their business."
In addition to the new browser, Progress Software offers the Progress OTC Derivatives STP data interoperability solution enabling organizations to improve straight-through processing rates and reduce the risks and costs associated with failed transactions.