Source: International Swaps and Derivatives Association
At its Annual General Meeting today, the International Swaps and Derivatives Association (ISDA) announced that it will provide Financial Products Markup Language (FpML) services to support the use of FpML in the industry. The services include advice and support services around FpML, as well as custom-tailored training programs to complement the existing FpML suite of training courses.
FpML is the freely licensed business information exchange standard for electronic dealing and processing of privately negotiated financial derivatives instruments. It establishes the industry protocol for sharing information on, and dealing in, financial swaps, derivatives and structured products over the Internet. It is based on XML (Extensible Markup Language), the standard meta-language for describing data shared between applications.
In addition, ISDA also released a Last Call Working Draft for version 4.2 of FpML.
Version 4.2 includes enhancements in several of the asset classes, including buy-side specific requirements. Credit Derivatives coverage has been expanded with CDS baskets and support for index tranches. The business process work has been expanded by the introduction of Cash Flow matching coverage. Buy-side specific additions include the coverage of allocations, support for accounts and the representation of multiple party roles.
The Association also announced version 3 of the FpML editor/viewer, a tool developed in collaboration with Global Electronic Markets. The editor viewer covers version 4.1 of the standard, including the messaging framework. The association is committed to keep the tool updated in line with expansions in the standard.