The FpML 5.14 Recommendation is available on the FpML website in the Specifications section at: www.fpml.org/spec/fpml-5-14-5-rec-1

A Recommendation marks the final version, ready for industry-wide implementation.

• New products and functionality
  • Support for Equity Definitions VE (Version 2.0)
    • Added support for the optional elections introduced in Version 2.0 of the Equity Definitions (Versionable Edition), the digitised and versionable form of the 2002 ISDA Equity Derivatives Definitions:
      • Consequences of non-commencement or discontinuance of exchange-traded contracts used for valuation.
      • VWAP VE and TWAP VE valuation methodologies, including exclusion of the closing auction and support for valuation sessions.
      • Separate valuation and combined calculation for basket transactions.
      • Benchmark provisions and alternative pre-nominated index.
      • Depository Receipt look-through elections (Full / Partial).
    • Added enumerations:
      • ApplicabilityEnum
      • BenchmarkProvisionsEnum
      • CombinedCalculationEnum
      • LookThroughEnum
      • NonCommencementOrDiscontinuationEnum
      • PeriodTimeUnitEnum
    • Updated enumerations:
      • TimeTypeEnum: added values ExcludingClose and TimeSession.
    • Added complex types:
      • AlternativePreNominatedIndex
      • BusinessCenterTimeSession
      • Interval
      • SeparateValuation
    • Added optional elements:
      • EquityValuation: valuationSession (alternative to valuationTime), informationSource, nonCommencementOrDiscontinuation and separateValuation.
      • EquitySwapTransactionSupplement: benchmarkProvisions with alternativePreNominatedIndex, and lookThrough.
    • Added validation rules eqd-36 to eqd-45, with an invalid test case for each rule.
    • Added examples:
      • eqs-ex21-compounding-swap-optional-VE-inclusions.xml
      • eqs-ex22-on-european-single-stock-underlyer-lookThrough.xml
      • trs-ex06-single-equity-optional-VE-inclusions.xml
      • trs-ex07-equity-basket-with-combinedCalculation-VE.xml
      • trs-ex08-single-equity-optional-VE-excluding-close.xml
    • Added documentation. See section 11.4 Equity Definitions VE.
    • Implementation details, as reviewed by the Cross Asset Class Product Working Group: FpML XAPWG implementation of Equity Definitions VE.
  • Support for digital caps and floors (Digital Rate Calculation) and CMS spread tenor
    • Digital caps and floors: added the global element digitalRateCalculation, a member of the rateCalculation substitution group, so that a digital (cash-or-nothing) cap or floor can be expressed in InterestRateStream/calculationPeriodAmount/calculation in place of floatingRateCalculation. It can be used for standalone caps/floors, multi-leg cap/floor strategies and capped or floored swap legs.
      • Each digitalCap or digitalFloor carries a strike condition (AtOrAbove / Above, or AtOrBelow / Below), a strike schedule, and a payoff expressed either as a per annum rate schedule or as an amount schedule.
    • CMS spread tenor: wherever a floating rate is expressed (type FloatingRate), the index can now be a spread between two tenors of the same index (e.g. USD-ISDA-Swap Rate 5Y minus 2Y), using exactly two spreadTenor elements (index tenor and multiplier) as an alternative to indexTenor. Existing documents using indexTenor are unaffected.
    • Added enumerations:
      • DigitalCapStrikeConditionEnum
      • DigitalFloorStrikeConditionEnum
    • Added complex types:
      • DigitalCapSchedule
      • DigitalFloatingRate
      • DigitalFloorSchedule
      • DigitalPayoffSchedule
      • DigitalRateCalculation
      • SpreadTenor
    • Added model groups:
      • DigitalCapFloor.model
      • FloatingRateIndexSpread.model (replaces FloatingRateIndex.model in FloatingRate)
      • FloatingRateParameters.model
    • Added global element digitalRateCalculation to the rateCalculation substitution group.
  • Support for commodity schedules [Confirmation/Recordkeeping/Transparency/Reporting]
    • Added a more flexible representation of commodity schedules (e.g. hourly schedules): CommoditySwap has a new optional schedule element (up to two occurrences).
    • Delivery properties refactored as a substitution group: added the abstract element deliveryProperties with members coalDelivery, electricityDelivery, gasDelivery and oilDelivery; the corresponding delivery types now extend the new base type CommodityDelivery.
    • Added complex types:
      • CommodityDelivery
      • CommodityLegReference
      • CommodityPeriod
      • CommodityScheduleFloating
      • CommoditySchedulePeriodBase
      • CommoditySchedulePeriodFloating
    • Added example com-ex49-electricity-swap-hourly-off-peak-with-schedule.xml.
    • Added documentation for Commodity Schedule.
  • Initial and final stub period types [Confirmation/Recordkeeping/Reporting/Pretrade]
    • The element stubPeriodType is now of cardinality 0..2 instead of 0..1, so that the type of both an initial and a final stub can be expressed on the same trade (e.g. asymmetric stub conventions). Description updated accordingly.
    • Added example ird-ex76-long-stub-swap-with-stub-period-types.xml.
  • [Transparency View] Period.model made available for the Transparency View.
• Additional examples
  • [Confirmation View] Added Securities examples covering further security types:
    • sec-ex003-trade-equity.xml
    • sec-ex004-trade-bond.xml
    • sec-ex005-trade-etf.xml
    • sec-ex006-trade-future.xml
    • sec-ex007-trade-mutual-fund.xml
    • sec-ex008-warrant.xml
    • sec-ex009-option.xml
• Documentation and annotations
  • AI-generated annotations
    • Added business-oriented annotations for a subset of simple types, complex types and elements in the FpML schemas that previously lacked them.
    • Added descriptions for Interest Rate examples 1a, 4a, 5a, 6a, 7a, 7b, 7c, 8a and 38 to 76, which previously lacked a full description, and for all Securities examples.
    • The annotations and descriptions were generated with the assistance of Artificial Intelligence and reviewed manually, with the aim of ensuring that data structures and examples are accompanied by sufficient business descriptions to be understood by implementers.
    • Every xsd:documentation element containing an AI-generated definition carries the attribute fpml-annotation:aiGenerated="true". AI-generated example descriptions are marked as such in the corresponding documentation section.
  • Updated the FpML 5 Messaging Framework document.
• Corrections and clean-up
  • Schema
    • Removed the unused empty type SharesPerDay (left over from an earlier version of the Accumulator proposal).
    • Changed the order of the lockout and observationShift elements within the CalculationParameters complex type, moving lockout before observationShift. Both elements are alternatives within a choice, so instance documents are not affected.
  • [Confirmation View] Examples
    • Fixed business rule validation errors in Interest Rate examples, as part of the example revision by the XAPWG:
      • ird-ex05a-long-stub-swap.xml
      • ird-ex09a-euro-swaption-explicit.xml
      • ird-ex32-zero-coupon-swap-normal-rate.xml
      • ird-ex37-zero-coupon-swap-known-amount-schedule.xml
      • ird-ex53-xccy-swap-OIS.xml
      • ird-ex56-CNREPOFIX-swap.xml
      • ird-ex58-xccy-swap-lookback_compound.xml
      • ird-ex60-trs-basket.xml
      • ird-ex61-trs-single-underlyer.xml
      • ird-ex62-trs-single-underlyer-short.xml
      • ird-ex74-fixed-fixed-basis-swap-AUD.xml
      • ird-ex75-fixed-fixed-basis-swap-JPY-USD_Non_Mark-To-Market.xml
    • Corrected early termination settlement dates that were inconsistent with the effective and termination dates:
      • ird-ex46-rfr-compound-swap-lookback-oet-mmviq.xml
      • ird-ex47-rfr-compound-swap-lookback-oet-rvfq.xml
      • ird-ex48-rfr-compound-swap-lookback-oet-ccp.xml
  • Documentation: fixed broken links
    • Sample links in several "-examples.xml" files.
    • Variance and volatility swaps documentation.
    • Legal View Word example.
    • [Pretrade View] Example 16 (Margin Quote Request).
• Deprecations
  • Deprecated message roots:
    • [Recordkeeping/Transparency] regulatoryReportingStatus, requestRegulatoryReportingStatus
    • [Recordkeeping] regulatoryReportingAcknowledgement, regulatoryReportingException, regulatoryWithdrawal
    • [Transparency] publicDisclosure, publicDisclosureAcknowledgement, publicDisclosureException, publicDisclosureWithdrawal
  • [Recordkeeping/Transparency] Deprecated all types used only by the regulatoryReportingStatus and requestRegulatoryReportingStatus roots or by other deprecated types:
    • AddressedMessage
    • DisseminationId
    • PublicDissemination
    • RegulationName
    • RegulatorReportingStatusCode
    • RegulatoryReportingStatusMessage
    • ReportingRoleAndPurpose.model
    • ReportingStatus
    • RequestRegulatoryReportingStatusMessage
  • [Recordkeeping/Transparency] Deprecated 122 examples that use the deprecated roots.
  • [Transparency View] Deprecated the publicDisclosure structure (approved by the RPTWG on 2025-09-25):
    • ApplicableRegulations
    • EventTaxonomy
    • PublicDisclosure
    • PublicRegulationDetails
    • PublicReporting.Part43_2012
    • PublicReporting.Part43_2019
    • RegulatorApplicability
    • ReportingAndCounterParty.model
  • [Recordkeeping/Transparency] Deprecated the following publicDisclosure / regulatoryDisclosure-related types and their usages:
    • PublicDisclosureAcknowledgement
    • RegulatoryReportingAcknowledgement
    • RegulatoryReportingException
    • RegulatoryWithdrawal
  • [Confirmation View] Deprecated example ird-ex30-swap-comp-avg-relative-date.xml (XAPWG decision 2025-09-18).
  • Deprecated examples and scripts are now grouped together in a new "deprecated" folder in the distribution. Most of these examples were deprecated as a result of the deprecation of the unused flattened regulatory reporting structures.

• Includes all changes listed above compared to build #8, plus the following change across all views:
  • Schema and example revision
    • Removed the optional InterestRateStream/underlyer element, which was introduced by mistake in version 5.13 Working Draft 4 (build #4).
      • This error affected the representation of swapStream and capFloorStream (both of type InterestRateStream).
      • This change is incompatible with 5.13 Working Draft 4, the subsequent drafts (LCWD, TR) and the 5.13 Recommendation build #7, but remains compatible with all earlier versions (5.12, 5.11, etc.).
      • Note: underlyer is still present under InterestRateStream/calculationPeriodAmount/calculation/returnCalculation, which was introduced in version 5.13 REC as part of the support for the Interest Rates TRS product.