Third Working Draft of FpML Version 5.1

ISDA has published the Third Working Draft for FpML 5.1. The draft is available on the FpML website in the Specifications section at http://www.fpml.org/spec/fpml-5-1-3-wd-3

The following is an overview of the changes compared to FpML 5.1 Second Working Draft which was published November 1, 2010:

• Business Processes:
• Expanded collateral management support to include interest payment and collateral substitution processes
• Added support for Option Exercise / Expiry events
• Added support for Clearing Status notification, and request to de-clear a trade
• FX Derivatives:
• As part of the redesign of the existing FX product model , Replaced SideRates component used in ExchangeRate structure with more flexible crossRate component to accommodate the currency exchange rates used to cross between the traded currencies.
• Coding Schemes:
• The following schemes have been added:
• collateralSubstitutionResponseReasonCodeScheme
• collateralInterestResponseReasonCodeScheme
• clearingStatusCodeScheme
• All areas:
• Synchronized content with FpML 4.9.

More information on the timing of version 5.1 and the coverage and timing of future versions can be found in the FpML roadmap: http://www.fpml.org/roadmap/roadmap.pdf.

Please send us your comments by filling in the form at http://www.fpml.org/issues.

The FpML Team