Vendor Examples

Vendor Examples

Service Providers’ Sample Messages

Overview

FpML is used by a variety of service providers to support derivative processing. This page shows a selection of FpML messages from different service providers demonstrating how their implementation uses FpML. These examples are not intended to be a complete and comprehensive look at the service provider’s implementation, but rather enough to give a starting point for understanding how the vendor uses FpML. Firms wishing to learn more are encouraged to contact the service provider directly. This page includes examples from the following FpML implementations:Trade Repositories

  • DTCC Global Trade Repository

Clearing Organizations

  • CME Group – Rates Clearing API

Middleware Providers, Confirmation Platforms

  • TBD

Communications Networks for Trade Instructions

  • TBD

Service providers interested in being listed on this page should contact fpmlinfo@fpml.org
Disclaimer

  • Inclusion in this list does not constitute an endorsement, or warranty of the fitness, by ISDA of any product or service for a particular purpose, including in regard to its compliance with FpML specifications and best practices.
  • The examples on this page may not be the most current in use by the service provider and may not meet the needs of any particular client.
  • This page is not sponsored by the listed service providers.
  • FpML may add service providers at its discretion, and may adjust or remove any listing at any time.
  • This is not a complete or exhaustive listing of all service providers using FpML.

Trade Repositories

Trade repositories allow market participants to report positions to central data repositories to simplify access to the information by regulators. A number of trade repositories use FpML to allow participants to submit trades to them.DTCC – Global Trade Repository

October 2013:

Example dtcc.zipFpML is used by a variety of service providers to support derivative processing. This page shows a selection of FpML messages from different service providers demonstrating how their implementation uses FpML. These examples are not intended to be a complete and comprehensive look at the service provider’s implementation, but rather enough to give a starting point for understanding how the vendor uses FpML. Firms wishing to learn more are encouraged to contact the service provider directly. This page includes examples from the following FpML implementations:

  • A real-time CDX (CDS index) trade.
  • A RT+PET hybrid vanilla IRS.
  • An amendment for a non-deliverable FX option (ESMA independent submission).
  • A environmental (commodity) swap snapshot with a novation lifecycle event report.
  • An equity generic product (a basket) termination.

The equity example uses a DTCC-specific extension schema (not included here). The other examples use pure FpML 5.5 Recordkeeping or Transparency view. For more information, please visit http://www.dtcc.com/en/data-and-repository-services/global-trade-repository.aspx Please consult DTCC GTR documentation and examples to form a complete understanding of how DTCC uses FpML.

Clearing Organizations

Clearing services (Derivative Clearing Organizations, Central Counterparties) mitigate credit risk by centralizing and netting credit exposure across counterparties and requiring participants to adjust margin on a frequent (e.g. daily) basis to protect against default. Some OTC derivative clearinghouse use FpML to communicate to the clearinghouse.CME Group – Rates Clearing APICME Group offers a clearing service for Interest Rate Swaps that uses FpML as the basis for its API.

  • Trade submissions are done using FpML 4.6 wrapped in a FIXML wrapper. [links TBD]
  • Example of submission message (TBD)
  • Interactions with clearing member firms are done using FpML 5.0 or newer versions with some CME extensions.
  • Example of claim process message requestConsent for a single trade. These are used for the clearing house to confirm with a clearing member firm that it is willing to take on the credit exposure of a new trade.
  • Example of clearing confirmed message clearingConfirmed . This is used by the clearing house to report a trade that has been cleared to the member firm.
  • Example of claim process message requestConsent for a trade package. These are used for the clearing house to confirm with a clearing member firm that it is willing to take on the credit exposure of a new trade package. In addition there are the corresponding responses –consentGranted, andclearingRefused message in case the trade package cannot be cleared.
  • Example of clearing confirmed message for a package clearingConfirmed . This is used by the clearing house to report a trade package that has been cleared to the member firm.
  • Copy of CME FpML extension schema.xsd (Instructions: save the xsd in the same location as FpML 5.0 Confirmation view schema available for download at http://www.fpml.org/spec/fpml-5-0-9-rec-1/ )

For more information, please visit http://www.cmegroup.com/