FpML.org Spring Forums in New York and London Target e-Commerce Standard Supporting OTC Derivatives Trading

New York, Feb 16 - FpML.org will conduct two Forums this spring focused on current developments and future plans for use of FpML (Financial products Markup Language), the e-Commerce standard supporting OTC derivatives trading, according to Brian Lynn, co-chairman of the Standards Committee of the non-profit consortium. The all-day FpML Forums, scheduled in New York on April 18 and in London on April 24, will be preceded by a half-day FpML "Boot Camp" covering XML basics and FpML's initial 1.0 version.

"The Forums will bring together organizations involved in OTC derivatives trading and those providing products incorporating FpML to support trading," Mr. Lynn said. "Three general sessions will address the status of the standard today, where it is being applied and our future direction. These will be interspersed with presentations and panel discussions designed to give everyone an opportunity to hear from and exchange ideas, views and experiences with FpML practitioners."

FpML.org, comprised of a group of leading banks, information and software vendors, and systems integrators*, was established in 1999 with the objective of lowering the estimated $1 billion annual cost of processing OTC derivatives. The standard's Version 1.0, released for trial recommendation in September 2000, focuses on interest rate swaps and forward rate agreements. Future releases currently in development will address additional interest rate products, equity derivatives and FX/FX options.

"The success of the standard is due in no small part to the tremendous support given by some 30 financial, technology and consulting firms," Mr. Lynn said. "The volunteer work by employees of these organizations will enable us to get to market much faster than is normally the case when new e-Commerce standards are being developed."

Click the "What's Happening" icon at www.fpml.org for ongoing updates on the Spring Forums.

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