FpML
FpML (Financial products Markup Language) is an XML message standard for the OTC Derivatives industry.
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 originated at JP Morgan Chase. PricewaterhouseCoopers and JP Morgan Chase developed the first version of FpML and initiated the FpML consortium
As of December 2004 FpML 4.0 is the latest [Recommendation] version. The core scope includes the products of Foreign Exchange (FX), Interest Rate Swaps, Credit Default Swaps, Total Return Swaps, Swaptions, and many others. The core processes include trading, valuation, allocations, confirmation, and termination.
FpML is distinct from similar financial standards such as SWIFT and FIX in scope and because it provides no network or specification of a transport mechanism.
Participants
The major participants in the definition of FpML are:
- Bank of America
- Barclays Capital
- Barclays Global Investors
- IBM
- JP Morgan Chase
- UBS Warburg
- Goldmans
- Deutsche Bank
- BNP Paribas
- RBS