FpML 3.0 Supports Equity Derivatives
ISDA Expands FpML to Include Equity Derivatives
Vendors Actively Developing FpML Tools
Berlin, Germany. April 19, 2002.
At its 17th Annual General Meeting today, the International Swaps and Derivatives Association (ISDA) released a new Working Draft version of FpML 3.0 that has been expanded to include equity derivatives.
FpML is the XML-based, freely licensed, e-commerce standard supporting the OTC trading of financial derivatives.
In addition to equity derivatives, Version 3.0 covers all previously defined IRD products in FpML Version 2.0, as well as FX products such as FX Spot, Forwards, Non-deliverable forwards, FX Swaps and FX OTC Options, making it the first FpML version to cover different asset classes. The Working Draft represents work in progress and a commitment by ISDA to pursue work in this particular area. The full text of the Working Draft is available at http://www.fpml.org/spec/index.asp.
As work on Version 3.0 continues, the new "Tools" section on the FpML web site continues to grow. The overall objective of the "Tools" section is to promote the development and support of FpML tools or utilities, which will facilitate the widespread use and adoption of the FpML standard across the OTC financial industry. To date, of the vendors developing FpML tools, twelve are listed on the web site. It is expected that the number of tools will continue to increase as development proceeds. The current vendor list is available on the new section entitled "Tools" on the FpML web site, http://www.fpml.org/tools/toolslist.asp.
FpML is a business information exchange standard for electronic dealing and processing of financial derivatives instruments. It establishes a new protocol for sharing information on, and dealing in, financial derivatives over the Internet. It is based on XML (Extensible Markup Language), the standard meta-language for describing data shared between applications. All categories of over-the-counter (OTC) derivatives will eventually be incorporated into the standard.
ISDA is the global trade association representing leading participants in the privately negotiated derivatives industry. ISDA was chartered in 1985, and today has more than 550 member institutions from 42 countries on six continents. These members include most of the world's major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Information about ISDA and its activities is available on the Association's web site: www.isda.org.
ISDA New York
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Kennedy & Company
ISDA AGM Pressroom in Berlin, Germany
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