ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES
ASSOCIATION, INC.
NEWS RELEASE
For Immediate Release, Tuesday, July
20, 2010
For More
Information, Please Contact:
Cesaltine
Gregorio, ISDA New York, +1 212-901-6019, cgregorio@isda.org
Deirdre
Leahy, ISDA New York, +1 212-901-6021, dleahy@isda.org
Rebecca O'Neill, ISDA London, +44 203 088 3586, roneill@isda.org
ISDA Releases
Recommendation for Version 5.0 of FpML
NEW YORK, Tuesday, July 20, 2010 –The International Swaps and Derivatives Association, Inc. (ISDA)
today released the Recommendation for Version 5.0 of its Financial products
Markup Language (FpML). Version 5.0, a complete re-release of the standard, is
the first major FpML release since 2004 and should further drive and facilitate
the industry’s focus on automation and standardization in the derivatives pre-
and post-trade and reporting space.
Version 5.0 contains a number of important technical
and design changes, including the introduction of Views, a revision of the
messaging framework and use of multiple root elements. The Views allow for the
development of a reporting framework in FpML by combining the richness of the
product representations with the necessary flexibility for reporting. The Views also facilitate better support of
additional life cycle processes such as pre-trade and risk.
In addition to these changes, recommendations
from a cross-product task force have increased the consistency of the product
representations and rationalized the business process definitions. The expanded
coverage in this version includes new sets of clearing messages and reset and
activity reporting.
Version 5.0 is available on the FpML website (www.fpml.org). As it is not backwards
compatible, ISDA will continue to support the 4 series of the FpML standard for
existing coverage in parallel with the 5 series for a limited time. The
recommendation for version 4.8 will be released later this month. Version 4.8 contains
additional support for commodity and equity derivatives.
Looking ahead, the next release in the 5 series,
Version 5.1, will include the redesign of the existing coverage for FX and
syndicated loans and incorporate the work of the collateral working group.
About FpML
FpML (Financial products Markup Language) is the
freely licensed business information exchange standard for electronic dealing
and processing of privately negotiated derivatives and structured products. It
establishes the industry protocol for sharing information on, and dealing in,
financial 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. The standard is developed under the auspices
of ISDA, using the ISDA derivatives documentation as the basis. For more
information, please visit www.fpml.org.
About ISDA
ISDA, which represents participants in the
privately negotiated derivatives industry, is among the world’s largest global
financial trade associations as measured by number of member firms. ISDA was
chartered in 1985, and today has over 820 member institutions from 57 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.
ISDA® is a registered trademark of the International
Swaps & Derivatives Association, Inc.