The International Swaps and Derivatives Association, Inc. (ISDA) today released the Recommendation for Version 4.7 of its Financial products Markup Language (FpML).
Version 4.7 of the standard has additional coverage for equity derivatives, including EU and Pan-Asia Interdealer Share Swaps, EU Client Index Swaps, and US Client Options. Version 4.7 marks further improvements in interest rate, commodity, and credit derivatives. The ongoing enhancements of the FpML standard are testament to the central role FpML plays in the industry’s focus on increased automation in the post-trade and reporting space.
ISDA continues parallel efforts to develop Version 5 of the standard. Version 5 will further enhance the flexible reporting framework and consistency within the business process framework and across the product representations. Version 5 will include a redesign of the existing coverage for FX and syndicated loans; and incorporate the work of the recently started collateral working group.
FpML is the XML-based, freely licensed, business information exchange standard for electronic dealing and processing of derivatives and structured products. Recommendation status is the final step in the development process of a version of the standard. It reflects consensus within the FpML community and bears the FpML Standards Committee stamp of approval. The FpML Standards Committee considers the ideas and technology specified by a Recommendation as appropriate for widespread deployment. Recommendation additionally means that feedback has been incorporated and users are actively implementing the version. The Recommendation is available on the FpML web site (www.fpml.org).
