The FpML.org Board of Directors and Standards Committee has issued a call for participation in a new FpML FX Products Working Group. FpML recently formed an Equity Derivatives Products working group as well. FpML.org is supported by a group of financial firms dedicated to the development and use of FpML (Financial Products Markup Language) as the communications standard for streamlining the processes supporting e-commerce activities in the financial derivatives domain. The new FX Products Working Group "will be responsible for extending the product definition of the current FpML standard to accommodate the use of FpML for FX products, whilst ensuring full utilization of the existing language. The WG will evaluate the Citigroup/UBSW FX FpML proposal and other proposals as they deem appropriate and will deliver an FpML specification for the following FX products: FX Spots; FX Forwards, including 'Non-Deliverable Forward' (NDF); FX Swaps; 'Simple' Options (e.g., excluding barriers and other exotics); and Option Strategies (multiple simple options)."
From the announcement of 2001-02-16:
New FpML Working Group. Call for Participation.
FpML Working Groups are established by the FpML.org Board of Directors and Standards Committee to develop FpML proposals/specifications. Based on the results of our recent Call for Interest, FX Products was determined as an area to focus on next (along with the recently established Equity Derivatives Products WG). Therefore, we are now launching a new FX Products Working Group, and have issued a public 'Call for Participation' for Working Group members. Complete information can be found on our web site at
http://www.fpml.org/call-for-participation/index.html
FX Products (FX) Products WG
The FX Products Working Group will be responsible for extending the product definition of the current FpML standard to accommodate the use of FpML for FX products, whilst ensuring full utilization of the existing language. The WG will evaluate the Citigroup/UBSW FX FpML proposal and other proposals as they deem appropriate and will deliver an FpML specification for the following FX products: FX Spots; FX Forwards, including "Non-Deliverable Forward" (NDF); FX Swaps; "Simple" Options (e.g. excluding barriers and other exotics); and Option Strategies (multiple simple options). The chair of this WG has not yet been appointed.
The Working Group will need a good mix of technologists, product and process specialists, i.e. people from middle-office, systems and operations areas within financial institutions as well as individuals with relevant skills from technology vendors and service providers. Working Groups typically break into sub-groups (threads) where individual skills can be used to most effect.
Activities for this WG are expected to start in the beginning of April, 2001 and run through to the end of June, 2001. Based on our experience, prospective members should be prepared to commit a minimum of 1 day per week, and approximately 2 days per week on average during the life of the Working Group. It is expected that participants will be signing up for action items and proposals, and will generally be participating in discussions during the week. All Working Group members are also expected to align with at least one thread, and actively participate in the work of that thread. In addition, some travel and full-day meetings may be required. Full members must have the agreement and support of their managers for this level of time commitment.
If you are interested in joining the FX Products WG, please access the FpML web site at http://www.fpml.org/call-for-participation/index.html for complete details on the group and instructions on how to apply for membership,
Please note that we have issued an expanded Call for Interest to continue monitoring interest in asset classes and functionality, as well as in new non-product topics. Future Calls for Participation will be issued as new Working Groups are formed.
FpML.org is dedicated to the development and use of FpML as the communications standard for streamlining the processes supporting e-commerce activities in the financial derivatives domain. To keep abreast of our progress, visit our website www.fpml.org at least once a week.
Regards,
Cathy S. Yesenosky
FpML CAO
