Global Leaders in OTC Derivatives Trading Meet in Quest for Automation; FpML.org Spring Forum Spotlights Progress in e-Commerce Standard

NEW YORK, Apr. 18 - Progress in the quest to automate and lower the estimated $1 billion annual cost of processing OTC derivatives trades is being spotlighted here today at the Spring Forum organized by the non-profit FpML.org consortium. More than 60 firms representing global leaders and suppliers in the OTC derivatives trading industry are attending the full-day Financial products Markup Language event at the Marriott Marquis hotel.

Welcoming remarks from JPMorgan's Brian Lynn are being followed by the keynote address by Tim Fredrickson, UBS Warburg's Managing Director and Global Head of Fixed Income Derivatives. A general session addresses asset classes currently being incorporated into the XML-based e-Commerce standard: Interest Rate Derivatives, Equity Derivatives and Foreign Exchange. The standard's Business Message and Architecture is also being presented.

Breakout sessions allow forum delegates to participate in discussions on key issues including proprietary vs. industry standards, XML tools and solutions for straight-through processing. These sessions also cover a detailed look at Interest Rate Derivatives, Equity Derivatives and Foreign Exchange.

Economist Dr. Alan Sinai is delivering the luncheon address speaking on the topic "U.S. and Global Backdrop for e-Commerce: Short and Long Term Trends."

SwapsWire, SunGard Trading and Risk Systems, Kronos Software and Citigroup presentations cover practical aspects of implementing FpML. The closing general session looking at the standard's future is presented by Chip Carver, New York Derivatives Trading Head and Global e-Commerce Swaps Manager at Goldman Sachs.

The FpML standard is freely licensed and is intended to automate the flow of information across the entire derivatives partner network, independent of the underlying software or hardware infrastructure supporting activities related to these transactions.

Organizations actively participating in the FpML standard:

Bank of America - BNP Paribas - Citigroup - Credit Suisse First Boston - Deutsche Bank - Mizuho Capital Markets Corporation - Goldman Sachs - International Business Machines - JPMorgan - Morgan Stanley - PricewaterhouseCoopers - Reuters - SunGard Trading and Risk Systems - SwapsWire - S.W.I.F.T. - UBS Warburg
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