Press Releases at FpML.org
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FpML.org Seeks Tools and Utilities to Facilitate Adoption of Standard NEW YORK, October 18 - FpML.org is inviting vendors and financial institutions to propose a series of Financial products Markup Language-based tools and utilities to help users incorporate the standard into business practices supporting OTC trading of financial derivatives. Brian Lynn, co-chair of the organization's Standards Committee, said the Call for Proposals stems from a recent tools workshop attended by more than 30 vendors and financial institutions. FpML.org's objectives, according to Mr. Lynn, "are to facilitate adoption of the FpML standard and reduce vendor risk in developing tools. This is consistent with our mandate to provide a freely licensed and open standard." The organization is especially interested in proposals within areas assigned high priority at the workshop. These are: Software Language APIs. There would be one open API specified per software language (e.g. Java). The API would form the basis for FpML implementations in the language. A close analogy to these standard API specifications would be the current DOM specification and its usage. Validation Components. This is a critical requirement for users working with FpML. These components would provide validation against FpML schemes and against business rules. Format Transformation. There are a number of types or levels of format transformation. The FpML tools workshop identified the following: mapping, XLST and code. Mapping FpML to legacy (multiple formats and languages) has a higher priority than legacy to FpML. Matching Service Components. These components would compare contracts to determine equivalence. Proposals should cover the requirements and provide specifications for such tools. All proposals should be submitted in MS Word or MS PowerPoint format to tools@fpml.org by Friday, December 14, 2001, at which time the call for proposal will be closed. Proposals deemed to be in keeping with the FpML standard will be published on the FpML.org website with attribution to the submitter. Depending on the response and coverage of the proposals, focused FpML Tools Working Groups may be established to discuss, determine and publish requirements and open specifications for the tools. FpML.org is a non-profit consortium comprised of leading global derivatives trading institutions, and financial, technology and consulting firms. FpML.org endorsed FpML Version 1.0 in May 2001. It covers interest rate swaps and forward rate agreements. Version 2.0 has been released as a Working Draft for comments by interested parties. It covers interest rate options including swaptions, caps and floors, and the coverage of swaps to include FX resetables, cancellables and early termination provisions. See www.fpml.org for information. Firms Leading the FpML Standard Development: |
