For
Immediate Release Friday, April 2nd, 2004
For More
Information, Please Contact:
ISDA AGM Press
Room, The
Louise Marshall,
ISDA New York, 212-901-6000, lmarshall@isda.org
Beyond interest rate and foreign exchange derivatives, FpML 4.0 also covers equity options and equity swaps, as well as credit derivatives. On a technical level, 4.0 is the first schema-based version of the standard. Schemas describe a document template in XML format. The version also has a messaging framework, which defines the necessary information to send and receive documents. Validation rules are concurrently being developed for the products covered in version 4.0.
As is the final step in the development process of a
version, Recommendation status reflects consensus within the FpML community and bears the Standards Committee stamp of
approval. The 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 it. Full text of the Recommendation is available at: http://www.fpml.org/spec/index.asp.
Work on version 4.1 has been initiated. An initial working draft covering CDS index trades and broker confirmations was published on February 20th 2004. A second working draft, slated for release in the second half of April, will include work from the newly formed working group on pricing and risk, as well as additions for equity derivatives and messaging.
At its 19th
Annual General Meeting in
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 600 member institutions from 46 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.
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