To enable the extension of the FpML product definitions to include semantic or business validation rules through the use of a validation rule language.

These rules are those that are required for an FpML document to make sense (eg terminationDate is after effectiveDate) but cannot be defined using W3C XML Schema syntax.

• 1) Business Rule Definition:
  
  This thread will build on the standards definition work in each of the FpML product working groups to continue the plain English definition of the relevant business rules for each version of the FpML standard. This thread will also review the existing validation rules developed by the working groups, making sure they are synchronized with recent versions of the FpML standard. More specifically, the tasks of this thread may include:
  1. Review, revise, and add credit derivatives rules.
  2. New Business Process rules (messages).
  3. Review, revise, and add Equity options rules.
  4. New Equity swaps rules.
  5. Review and add Interest Rate rules.
  6. New FX rules.
  
  These plain English rules will eventually be re-implemented in a rule language to be selected by the second thread.
• 2) Rule Language Definition:
  
  This thread will document the requirements for an FpML validation rule language and review the different possible approaches taking into account the requirements. When a suitably powerful open source language to describe all rules has been found, the rules will be re-implemented in the selected language.
• 3) Release Procedures:
  
  This thread of activity will look at binding a set of validation rules to each FpML release and versioning the rules with the core standard. It will also look at the way the rule definitions and associated test data are packaged and attempt to drive their adoption by making them more accessible.