July 23, 2010

FpML (Financial products Markup Language)

FpML (Financial products Markup Language) is an XML message standard for the OTC Derivatives industry.
Image representing Goldman Sachs as depicted i...
All categories of privately negotiated derivatives will eventually be included within the standard. The standard is managed by ISDA on behalf of a community of investment banks that make a market in OTC derivatives.

The FpML standard was first published by JP Morgan and PricewaterhouseCoopers on 9 June 1999 in a paper titled "Introducing FpML: A New Standard for E-commerce". As a result, the FpML standards committee was founded.

As of February 2008 FpML 4.3 is the latest version. The core scope includes the products of Foreign Exchange (FX) Swaps and Options, Interest Rate Swaps, Inflation Swaps, Asset Swaps, Swaptions, Credit Default Swaps, Credit Default Swap Indices, Credit Default Swap Baskets, Tranches on Credit Default Swap Indices, Equity Options, Equity Swaps, Total Return Swaps, and many others. The core processes include trading, valuation, confirmation, novations, increases, amendments, terminations, allocations, position reporting, cash flow matching, a formal definition of party roles, as well as trade notification between asset managers and custodians.

The FpML community is currently working on versions 4.4 and 5.0.

FpML is distinct from similar financial standards such as SWIFT and FIX in scope because it provides no network or specification of a transport mechanism.

The major participants in the definition of FpML are:

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