The International Swaps and Derivatives Association, Inc. (ISDA) today announced the publication of the Recommendation for FpML version 5.2. One of the main features is the added support for clearing messages. In addition to the 5.2 publication, the Recommendation for version 5.1 is republished to include comments received after the publication of the 5.1 Recommendation. Financial products Markup Language (FpML) is the industry data standard for OTC derivatives. A Recommendation is the final step in the development process of a version.
Besides the support for clearing messages, version 5.2 Recommendation covers physical settlement of interest rate options, a recent Supplement to the ISDA 2006 definitions and additional validation rules for Foreign Exchange. Work on regulatory and public reporting, a main focus area for the industry and developed in earlier working drafts of 5.2, has been withdrawn from this version. Publication of this work is waiting for the publication of the final rules from the US regulators on reporting.
Version 5.1 includes the collateral messages and a substantive refactoring of the Foreign Exchange representation in addition to an expansion of the validation rules in these areas.
The versions are available on the FpML website (www.fpml.org). More information on the timing of future versions can be found in the FpML roadmap: www.fpml.org/roadmap/roadmap.pdf.
