For Immediate Release Wednesday,
November 14, 2001
For More Information, Please Contact:
Stacy Carey, ISDA New York, (212) 332-1200; Fax (212) 332-1212; scarey@isda.org
John Williamson, The Corporate Promotions Group
on behalf of FpML.org,
Phone: (212) 972-0230; Fax: (212)
370-3432; jhw@cpgroup.net
ISDA AND FpML.org ANNOUNCE INTEGRATION OF
FpML, THE ELECTRONIC OTC DERIVATIVES PROCESSING STANDARD
“This initiative combines the organizational strengths of ISDA with FpML’s technology base for sharing information on, and dealing in, financial derivatives over the Internet,” said Tim Fredrickson, Global Head of Fixed Income Derivatives & Government Bonds at UBS Warburg and a Board Member of ISDA and FpML.org.
ISDA, known for its development of documentation and risk management standards for the privately negotiated derivatives industry, will take the process of developing FpML forward under the ISDA structure. ISDA recognizes the importance of the FpML.org standardization efforts as facilitating automation and the standardization of terminology.
“This is an exciting and important step toward derivatives technology development that is consistent with other ISDA efforts to provide an effective structure for derivatives documentation and trading,” said Robert G. Pickel, Executive Director and CEO of ISDA.
“The integration of FpML into ISDA will mean speeding-up the development of the standard and expansion of its coverage consistent with our original mission,” said Philippe Khuong-Huu, Chairman of FpML.org’s Board of Directors who is also a Managing Director and Head of Global Interest Rate Products for Goldman Sachs. “The goals of FpML.org and ISDA are similar as both have worked toward technological advancement in standard setting.”