The user guide to FpML provides guidance to implementers about how FpML may be used by derivative market participants. It suggests applications for FpML, describes at a high level how to write FpML, and provides guidance on related topics.
Because of the rapid expansion of the FpML standard and applications of the standard, and because of the increasing number of newcomers to FpML, there has been a growing need to provide introductory material to help users new to FpML understand how to use the standard. This user guide to FpML 5 is intended to address this need. In particular, this edition covers regulatory reporting and clearing functions that are needed to be implemented under various regulatory mandates.
The user guide is organized as follows:
- Section 1 provides general information and how to best approach this user guide.
- Section 2 contains information for people and firms looking to upgrade their implementation from FpML 4.
- Section 3 contains examples of different applications that might use FpML, with a discussion about which features of FpML could be used. For each potential application, there are references to particularly relevant parts of the user guide and the FpML Specification, to help users quickly find related information.
- Section 4 provides some examples of how to write simple FpML instance documents, to illustrate in basic terms how FpML is constructed.
- Section 5 highlights some of FpML’s key architectural underpinnings, and describes some cross-product components in FpML.
- Section 6 briefly describes how FpML instruments are specified, and describes the instrument extension mechanism.
- Section 7 covers support for business processes in FpML 5.
- Section 8 introduces how to customize FpML for business-specific requirements.
The user guide is complementary to the FpML standard specification, and is not a replacement for that specification. It describes specific instances and examples of using FpML, where the FpML specification provides a comprehensive reference and full schema description. In case of any discrepancy between the documents, the FpML standard specification shall be regarded as correct. This user guide is intended to be used primarily by technologists with some exposure to XML and some familiarity with OTC derivatives.