The FpML 5.14 draft is available on the FpML website in the Specifications section at: www.fpml.org/spec/fpml-5-14-4-tr-1

• [All Views]
  • Equities VE Revision
    • Updated context for validation rules for eqd-37 and eqd-38
    • Added sample showcasing the ExcludingClose feature i.e. a valid example for eqd-39
      • confirmation/products/equity-swaps/trs-ex08-single-equity-optional-VE-excluding-close.xml
  • Broken links in documentation fixed
    • Variance and volatility documentation.
    • Legal view word example
  • Schema and example revision
    • Removed orphan empty type SharesPerDay. This was probably added in the original Accumulator proposal but the proposal was amended and the type wasn't used in later versions of the proposal.
    • Changed the order of the lockout and observationShift elements within the CalculationParameters complex type, moving lockout before observationShift.
    • Changed early termination settlement dates where inconsistent with effective/termination. Updated samples:
      • ird-ex46-rfr-compound-swap-lookback-oet-mmviq
      • ird-ex47-rfr-compound-swap-lookback-oet-rvfq
      • ird-ex48-rfr-compound-swap-lookback-oet-ccp
  • AI annotations
    • Added additional business-oriented annotations for a subset of simple types, complex types, and elements in the FpML Schemas.
    • Added AI-generated descriptions for Interest Rate examples 1a, 4a, 5a, 6a, 7a, 7b, 7c, 8a and 38 to 76, previously lacking a full description.
    • Added AI-generated descriptions for all Securities examples.
    • The annotations have been generated with the assistance of Artificial Intelligence and reviewed mannually, with the aim of improving schema completeness and readability by ensuring that data structures are accompanied by sufficient business descriptions to be understood by implementers.
    • Metadata Injection: Added fpml-annotation:aiGenerated="true" attribute to all xsd:documentation tags that contain AI-generated definitions. All AI-generated example descriptions are marked as such in the corresponding documentation section.
  • Deprecated files reorganization
    • Many examples were deprecated in previous versions as the result of the deprecation of the unused flattened regulatory reporting structures.
    • Deprecated examples and scripts now grouped together in new "deprecated" folder in the distribution.
  • Example review
    • Updated examples:
      • ird-ex60-trs-basket.xml
      • ird-ex61-trs-single-underlyer.xml
  • AI annotations
    • Added business-oriented annotations for a subset of simple types, complex types, and elements in the FpML Schemas.
    • The annotations have been generated with the assistance of Artificial Intelligence and reviewed mannually, with the aim of improving schema completeness and readability by ensuring that data structures are accompanied by sufficient business descriptions to be understood by implementers.
    • Metadata Injection: Added fpml-annotation:aiGenerated="true" attribute to all xsd:documentation tags that contain AI-generated definitions.
  • Added support for Digital Rate Calculation and CMS Spread Tenor..
    • Schema coverage for Digital Rate Calculation and CMS Spread Tenor.
      • Added enumerations:
        • DigitalCapStrikeConditionEnum
        • DigitalFloorStrikeConditionEnum
      • Added complex types:
        • DigitalCapSchedule
        • DigitalFloatingRate
        • DigitalFloorSchedule
        • DigitalPayoffSchedule
        • DigitalRateCalculation
        • SpreadTenor
      • Added model groups:
        • FloatingRateParameters.model
        • FloatingRateIndexSpread.model
      • Added global elements as part of rateCalculation substitution group
    • Added documentation for Digital Cap Floor and CMS Spread Tenor.
  • Added coverage for Equity Definitions VE.
    • Added enumerations:
      • PeriodTimeUnitEnum
      • NonCommencementOrDiscontinuationEnum
      • CombinedCalculationEnum
      • ApplicabilityEnum
      • BenchmarkProvisionsEnum
      • LookThroughEnum
    • Updated enumerations:
      • TimeTypeEnum
    • Added complex types:
      • Interval
      • BusinessCenterTimeSession
    • Added examples:
      • eqs-ex21-compounding-swap-optional-VE-inclusions.xml
      • trs-ex06-single-equity-optional-VE-inclusions.xml
    • Validation:
      • Added validation rules for Equity Definitions VE v2: eqd-36 to eqd-45.
      • Added invalid testcases for Equities VE business validation rules (eqd-36 to eqd-45)
    • Added documentation for Equity Definitions VE. See section 11.4 Equity Definitions VE.
  • Updated several "-examples.xml" files to fix failing sample links.
  • [Confirmation/Recordkeeping/Reporting/Pretrade] The element stubPeriodType is now of cardinality 0..2 instead of 0..1 to allow the possibility of expressing the type for both an initial and final stub at the same time. Description updated accordingly.
  • [Confirmation/Recordkeeping/Transparency/Reporting] Added the commodity schedule proposal, including the refactoring of the delivery properties as a substitution group. Added documentation for Commodity Schedule.
• [Confirmation View]
  • Securities samples
    • Added additional security sample coverage:
      • 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
  • Added Commodity Schedule sample:
    • com-ex49-electricity-swap-hourly-off-peak-with-schedule.xml
  • Added multiple stub period types sample:
    • ird-ex76-long-stub-swap-with-stub-period-types.xml
  • Deprecated sample ird-30-swap-comp-avg-relative-date.xml (XAPWG decision 2025-09-18).
  • Fixed business rule validation errors for Interest Rate Examples as part of the ongoing example revision by the XAPWG:
    • ird-ex05a-long-stub-swap.xml
    • ird-ex09a-euro-swaption-explicit.xml
    • ird-ex30-swap-comp-avg-relative-date.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-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
• [Recordkeeping/Transparency]
  • Deprecated roots regulatoryReportingStatus and requestRegulatoryReportingStatus and all types used only in these roots or other deprecated types.
    • Deprecated types:
      • RequestRegulatoryReportingStatusMessage
      • RegulatoryReportingStatusMessage
      • ReportingStatus
      • RegulationName
      • RegulatorReportingStatusCode
      • PublicDissemination
      • DisseminationId
      • ReportingRoleAndPurpose.model
      • AddressedMessage
    • Deprecated 122 examples using deprecated roots.
• [Recordkeeping View]
  • Deprecated the following publicDisclosure / regulatoryDisclosure-related types and usages of the types:
    • PublicDisclosureAcknowledgement
    • RegulatoryReportingAcknowledgement
    • RegulatoryReportingException
    • RegulatoryWithdrawal
• [Transparency View]
  • Deprecated publicDisclosure structure (approved RPTWG 2025-09-25). Deprecated types:
    • PublicDisclosure
    • EventTaxonomy
    • ApplicableRegulations
    • PublicRegulationDetails
    • RegulatorApplicability
    • ReportingAndCounterParty.model
    • PublicReporting.Part43_2012
    • PublicReporting.Part43_2019
  • Deprecated the following publicDisclosure / regulatoryDisclosure-related types and usages of the types:
    • PublicDisclosureAcknowledgement
    • RegulatoryReportingAcknowledgement
    • RegulatoryReportingException
    • RegulatoryWithdrawal
  • Period.model made available for Transparency View.

• Includes all changes mentioned in the above section wrt build #8. [Additional change across all views]
  • Schema and example revision
    • Removed optional InterestRateStream/underlyer first introduced in version 5.13 Working Draft 4 (build #4) by mistake.
      • This error affected the representation of swapStream and capFloorStream (both of type InterestRateStream).
      • This change is incompatible with 5.13 Working Draft 4, subsequent drafts (i.e., LCWD, TR) and the final recommendation (5.13 REC), but remains compatible with all earlier versions (i.e., 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 Interest Rates TRS product.