RE: Will XML Schema 1.1 get traction?
So the data of note to the lawsuit (the interest rate) is in the application, not the document exchanged in FpML. O The application is customized per location. O Anyone looking for the evidence trail can't use the record transactions per FpML O FpML cannot be cited as the standard for regulated trading. They do mean "private" trading. No wonder Italy and Greece are hosed. Again, this is of interest to those who might claim the use of XML ensures or enhances transparency and traceability per regulatory constraints. It can but the claims may not meet implementation constraints. Here are the Wikipedia claims (not authoritative, of course): "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 was first published by JP Morgan and PricewaterhouseCoopers 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. As of October 2009 FpML 4.7 is the latest [Recommendation] version. 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, Credit Default Swap Baskets, Tranches on Credit Default Swap Indices, Equity Options, Equity Swaps, Total Return Swaps, and many others. The core processes include trading, valuation, confirmation, novations, increases, amendments, terminations, allocations, position reporting, cash flow matching, a formal definition of party roles, as well as trade notification between asset managers and custodians." The document likely (someone would have to look) contains the interest rate but a constraint by reference to the governing laws through the value list isn't there. In principle, XML Schema 1.1 can do that. In practice, FpML doesn't. Again, the rate of uptake of 1.1 relies on differences that make a difference. len -----Original Message----- From: Andrew Welch [mailto:email@example.com] Sent: Wednesday, August 15, 2012 8:55 AM To: Len Bullard Cc: G. Ken Holman; XML-Dev Mailing list Subject: Re: Will XML Schema 1.1 get traction? > I may be ill-informed but I think FpML is used for derivatives. Can > FpML describe interest rate swaps? If so: Yep FpML is used for all types of swaps and other derivatives, but there is nothing contract specific about it. That's more likely to be built into the trading system than the serialisation format. -- Andrew Welch http://andrewjwelch.com
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