FpML (Financial products Markup Language) is a
business information
Business intelligence (BI) consists of strategies, methodologies, and technologies used by enterprises for data analysis and management of business information. Common functions of BI technologies include reporting, online analytical processing, ...
exchange
standard based on
Extensible Markup Language
Extensible Markup Language (XML) is a markup language and file format for storing, transmitting, and reconstructing data. It defines a set of rules for encoding documents in a format that is both human-readable and machine-readable. The Wor ...
(XML) that enables business-to-business
over-the-counter (OTC)
financial derivative transactions online by following
W3C
The World Wide Web Consortium (W3C) is the main international standards organization for the World Wide Web. Founded in 1994 by Tim Berners-Lee, the consortium is made up of member organizations that maintain full-time staff working together in ...
standards.
The standard is managed by the
International Swaps and Derivatives Association
The International Swaps and Derivatives Association (ISDA ) is a trade organization of participants in the market for derivative (finance)#Over-the-counter derivatives, over-the-counter derivatives.
It is headquartered in New York City, and has c ...
(ISDA) on behalf of a community of
investment banks that make up the OTC derivatives industry. All categories of privately negotiated derivatives will eventually be included within the standard.
FpML is distinct from similar financial standards such as
SWIFT
Swift or SWIFT most commonly refers to:
* SWIFT, an international organization facilitating transactions between banks
** SWIFT code
* Swift (programming language)
* Swift (bird), a family of birds
It may also refer to:
Organizations
* SWIF ...
and
FIX because it does not specify a network or transport mechanism.
History
The FpML standard was first published by
JPMorgan and
PricewaterhouseCoopers
PricewaterhouseCoopers, also known as PwC, is a multinational professional services network based in London, United Kingdom.
It is the second-largest professional services network in the world and is one of the Big Four accounting firms, alon ...
on 9 June 1999 in a paper titled "Introducing FpML: A New Standard for E-commerce". As a result, the FpML standards committee was founded.
The core scope includes the products of
Foreign Exchange (FX) Swaps and Options,
Interest Rate Swaps,
Inflation Swaps,
Asset Swaps,
Swaptions,
Credit Default Swaps,
Credit Default Swap Indices and Baskets,
Equity Derivatives,
Equity Swaps,
Total Return Swaps, and many others.
The core processes include trading, valuation, confirmation, novation, increase, amendment, termination, allocation, position reporting, cash flow matching, formal definition of party roles, as well as trade notification between asset managers and custodians.
As of December 2021, FpML 5.12 is the latest recommended version.
Major participants
*
Bank of America
The Bank of America Corporation (Bank of America) (often abbreviated BofA or BoA) is an American multinational investment banking, investment bank and financial services holding company headquartered at the Bank of America Corporate Center in ...
*
Barclays Capital
*
Barclays Global Investors
*
Bloomberg
Bloomberg may refer to:
People
* Daniel J. Bloomberg (1905–1984), audio engineer
* Georgina Bloomberg (born 1983), professional equestrian
* Michael Bloomberg (born 1942), American businessman and founder of Bloomberg L.P.; politician a ...
*
BNP Paribas
*
Citibank
*
Credit Suisse
Credit Suisse Group AG (, ) was a global Investment banking, investment bank and financial services firm founded and based in Switzerland. According to UBS, eventually Credit Suisse was to be fully integrated into UBS. While the integration ...
*Creditex
*
Deutsche Bank
Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange.
...
*
DTCC
*
HSBC Bank USA
*
FIS
*Global Electronic Markets LLC
*
Goldman Sachs
The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...
*
IBM
International Business Machines Corporation (using the trademark IBM), nicknamed Big Blue, is an American Multinational corporation, multinational technology company headquartered in Armonk, New York, and present in over 175 countries. It is ...
*
ING
Ing, ING or ing may refer to:
Art and media
* '' ...ing'', a 2003 Korean film
* i.n.g, a Taiwanese girl group
* The Ing, a race of dark creatures in the 2004 video game '' Metroid Prime 2: Echoes''
* "Ing", the first song on The Roches' 199 ...
*
IONA Technologies
*
JPMorgan Chase
JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational financial services, finance corporation headquartered in New York City and incorporated in Delaware. It is List of largest banks in the United States, the largest ba ...
*
Morgan Stanley
Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more than 80,000 employees, the firm's clients in ...
*
Nomura Securities Co.
*
RBS
*
Markit Group (since acquisition of SwapsWire)
*
Rabobank
Rabobank (; full name: ''Coöperatieve Rabobank U.A.'') is a Dutch multinational banking and financial services company headquartered in Utrecht, Netherlands. The group comprises 89 local Dutch Rabobanks (2019), a central organisation (Raboban ...
*
Standard Bank
*Systemwire
*
TradeHeader
*
TZero
*
UBS
*
University College London
University College London (Trade name, branded as UCL) is a Public university, public research university in London, England. It is a Member institutions of the University of London, member institution of the Federal university, federal Uni ...
*Wall Street Systems
See also
*
Financial Information eXchange (FIX)
*
MDDL, a competing Market Data Definition Language
Resources
{{reflist
External links
FpML HomepageISDA Homepage
Markup languages
Market data
Financial industry XML-based standards
Financial software