For Immediate
Release Friday, May 3, 2002
For More Information, Please
Contact:
Stacy Carey, ISDA New York,
(212) 901-6000; Fax (212) 901-6001; scarey@isda.org
After the inclusion of the
basic equity derivatives in FpML Version 3.0, the
working group intends to cover more exotic equity derivatives. “There is
interest in the industry for equity derivative coverage and a great deal of
momentum within the working group,” said Brian Lynn, Co-Chair of the FpML Standards Committee and Vice President e-Trading,
Cross-Business e-Commerce group for JP Morgan Chase.
The
working group plans to immediately start work on version 4.0 of the standard
focusing on inclusion of option features such as Asians, Barriers, Baskets,
Bermudans, Binaries, Quantos, Composites, different
forms of deferred term options and different option trading strategies. “We are
pleased with the continued progress of FpML in the
area of equity derivatives and the success of the FpML
working group in developing products in coordination with the ISDA
documentation working group,” said Robert G. Pickel, Executive Director and CEO
of ISDA. ISDA’s documentation working group on equity
derivatives is currently reviewing the Equity Definitions.
The
charter of the Equity Derivatives working group and the full scope of the work
for version 4.0 can be found at: www.fpml.org/wg/wglist/eqwg.html
Parties interested in participating in this working group should complete the
form available on the FpML website: Working
Group Signup. The time commitment for this working group is
one-half a day a week.
FpML is a 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 derivatives over the Internet. It is based on XML (Extensible Markup Language), the standard meta-language for describing data shared between applications. All categories of over-the-counter (OTC) derivatives will eventually be incorporated into the standard.