For
Immediate Release Thursday, July 14,
2005
For More Information, Please Contact:
Louise Marshall, ISDA New York,
212-901-6000, lmarshall@isda.org
ISDA Releases FpML Version 4.1 Recommendation;
Launches
New FpML Website
Version 4.1 of the standard
includes enhancements most notably to the equity derivatives and credit
derivatives areas by supporting basket and index trading respectively. It
builds on Version 4.0, the first version of the standard to cover interest
rate, FX, credit and equity derivatives. The messaging framework and validation
rules have been further expanded and additions have been made in the area of
pricing and risk reporting.
“Ongoing enhancement of the
FpML standard is testament to the ceaseless innovation in the derivatives
industry,” said Robert Pickel, Chief Executive Officer and Executive
Director, ISDA. “FpML
plays a central role in the industry’s focus on increased automation in the
post-trade space.”
Recommendation status is the
final step in the development process of a version of the standard. It reflects
consensus within the FpML community and bears the FpML Standards Committee
stamp of approval. The FpML Standards Committee considers the ideas and
technology specified by a Recommendation as appropriate for widespread
deployment. Recommendation additionally means that feedback has been
incorporated and users are actively implementing the version. The full text of
the Recommendation is available at the FpML web site (www.fpml.org).
Work on version 4.2 has been
initiated. A first working draft was published May 4, with additional support
in the area of messaging, interest rate derivatives and credit derivatives.
Future versions of FpML will support commodity and commodity derivatives trade.
ISDA
has also launched a newly designed FpML web site, www.fpml.org. The new web site offers enhanced
functionality and better access to the specifications. A bug tracking system
has been integrated into the website and can be consulted by all users. The
site uses modular and extensible plug-in architecture and is based on open
source technology.
About
FpML
FpML is the business
information exchange standard for electronic dealing and processing of
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. Information about the FpML standard, the specifications and the
different working groups can be found on the FpML web site: www.fpml.org.
ISDA is the global trade association
representing leading participants in the privately negotiated derivatives
industry. ISDA was chartered in 1985, and today has more than 650 member
institutions from 47 countries on six continents. These members include most of
the world's major institutions that deal in privately negotiated derivatives,
as well as many of the businesses, governmental entities and other end users
that rely on over-the-counter derivatives to manage efficiently the financial
market risks inherent in their core economic activities. Information about ISDA
and its activities is available on the Association's web site: www.isda.org.
®