A posting from Steven Lord (FpML IRD Working Group Chair) announces the release of FpML Version 2.0 as a Trial Recommendation, and invites implementation feedback. The specification is open for public comment through April 30, 2002 or later, as determined by the FpML Standards Committee. The Financial Products Markup Language (FpML) is "a protocol enabling e-commerce activities in the field of financial derivatives. It is an application of XML, designed by FpML.org to allow the electronic integration of a range of services, from electronic trading and confirmations to portfolio specification for risk analysis. All types of over-the-counter (OTC) derivatives will, over time, be incorporated into the standard, although the current focus of FpML Version 2.0 is interest rate derivatives." The FpML 2.0 Trial Recommendation incorporates feedback received from the FpML 2.0 Last Call Working Draft (02-November-2001). The standard is not expected to advance to Recommendation status until implementation feedback has been received.
FpML DTD Structure: "The FpML 2.0 Last Call Working Draft, following the approach used with FpML 1.0, utilises a single DTD. However, with the expected addition of other asset classes (FX and Equities) in FpML 3.0 it is intended at that time to separate the DTD into multiple parts: (1) A shared components DTD; (2) Several asset class specific DTDs; (3) A main DTD which links the other DTDs to form the FpML standard. FpML 3.0 is also likely to incorporate any recommendations from the FpML Architecture Working Group for migrating to XML Schema."
Scope and Architecture Framework: "The scope of the IRD Products Working Group, with respect to extending the FpML 1.0 product definitions, is to complete definitions for the following new products and features: (1) Interest Rate Cap; (2) Interest Rate Floor; (3) Interest Rate Swaption [European, Bermudan and American Styles; Cash and Physical Settlement]; (4) Extendible and Cancelable Interest Rate Swap Provisions; (5) Mandatory and Optional Early Termination Provisions for Interest Rate Swaps; (6) FX Resetable Cross-Currency Swap. Current capabilities of the FpML Version 1.0 specification to support Basis Swaps will also be reviewed... The Products Working Group has developed FpML 2.0 within the FpML Architecture Version 1.0 framework defined by the Architecture Working Group. Their recommendations covered: (1) XML tools for editing and parsing; (2) XML namespace usage within FpML; (3) FpML versioning methodology; (4) FpML content model - a new style for representing the FpML Document Type Definition (DTD); (5) FpML referencing methodology, including guidelines for referencing coding schemes."
Bibliographic information: FpML Version 2.0. Trial Recommendation. 14-January-2002. 300 pages. By FpML Interest Rate Derivative Working Group. Edited by Steven Lord (UBS Warburg). Reviewed by the FpML Standards Committee. Version URL: http://www.fpml.org/spec/2002/tr-fpml-2-0-2002-01-14. Latest version URL: http://www.fpml.org/spec/fpml-2-0. Previous version URL: http://www.fpml.org/spec/2001/lcwd-fpml-2-0-2001-11-02.
License: "Financial Products Markup Language is subject to the FpML Public License Version 1.0. To access any FpML specifications, you must read and agree to the license terms by completing a registration process... Please note that the FpML specification documents are in the process of being changed to reference our new FpML Public License Version 1.0 rather the Mozilla Public License Version 1.0, which have been used in the past..."
- FpML Version 2.0 Trial Recommendation [source, .DOC]
- FpML 2.0 TR XML DTD [source]
- FpML Version 2.0 Trial Recommendation, 14 January 2002 Errata
- FpML.org web site
- FpML Specifications
- FpML Fact Sheet
- "Version 2.0 Working Draft for Financial Products Markup Language (FpML)." Announcement September 19, 2001.
- Comments: send email to firstname.lastname@example.org
- Mailing list archives
- Contact: Steven Lord (Editor; FpML IRD Working Group Chair)
- "Financial Products Markup Language (FpML)" - Main reference page.