FpML.org Names Steven Lord of UBS Warburg To Chair Working Group on Interest Rate Derivatives

New Group Leader Sets FpML 2.0 Timetable

NEW YORK, July 31 - Steven Lord, London-based Director, Fixed Income Derivatives IT at UBS Warburg, is the new head of the FpML.org Interest Rate Derivatives (IRD) Working Group, according to Matt Meinel, co-chair of the non-profit consortium's Standards Committee.

As an original voting member of the IRD Working Group, Lord predicted continued steady progress in the Group's efforts to develop FpML Version 2.0. " The FpML 2.0 Working Draft is expected to be made public in September," he said. "We have agreed on the FpML version 2.0 document type definition (DTD), and are now reviewing the documentation."

According to Lord, the FpML 2.0 version will extend the FpML 1.0 Recommendation adding interest rate option products and broadening the coverage of swaps. The new additions include swaptions (European, American and Bermudian) caps/floors, cancellable/extendible swaps, FX resetables and early termination clauses.

In his new position, Mr. Lord replaces Guy Gurden who will continue his participation in the Working Group as a representative of SwapsWire.

FpML.org is developing Financial products Markup Language as the freely licensed XML-based e-Commerce standard supporting OTC trading of financial derivatives. It is led by a board of directors comprised of senior derivatives business leaders from major market participants.

The Standards Committee implements the strategy set by the organization's board of directors by defining and maintaining the FpML standard as well as evolving the standard to cover more products or to support additional business services. The activities of the Committee are accomplished through Working Groups.

Working Groups, represented by numerous other organizations, are focusing on FX options, Interest Rate Derivatives, Equity Derivatives and the standard's Business Message and Architecture. Individuals interested in participating in FpML.org are invited to visit www.fpml.org and click the Working Groups icon.