Press Releases at FpML.org
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Wall Street Systems Using Financial products Markup Language to Facilitate Transaction Processing NEW YORK, August 15 - Wall Street Systems, a participant in the FpML.org Interest Rate Derivatives and FX Working Groups, is incorporating Financial products Markup Language (FpML) to support transaction processing in the treasury space, reports Matt Meinel, co-chair of the non-profit consortium's Standards Committee and Managing Director at UBS Warburg. He is one of several major securities industry volunteers working to develop the new standard for Internet trading of OTC derivatives. According to Rick Schumacher, Director of New Product Development at Wall Street Systems and chair of the FX Working Group, "FpML supports our business in a number of ways. For example, banks, corporations and multilateral exchanges are able to send trades in FpML format into transaction processing systems such as The Wall Street System. Later, we'll see credit checks, links to pricing models, portfolio evaluation services and other areas being supported by FpML. This means that third-party trade execution services or other services could use our system for these types of services." Schumacher continued to say that FpML enables Wall Street Systems to feed trades into a client's systems without a custom interface. "This is a key reason why we're actively supporting the standard," he said. "As more and more systems need to communicate with each other, both within the firm and across the Internet, building and maintaining custom interfaces becomes an increasing burden. By providing a standard method of describing trades, FpML helps businesses improve cost efficiencies and benefit from Straight Through Processing." FpML is the XML-based, freely licensed, e-commerce standard, which supports OTC trading of financial derivatives. FpML.org is a non-profit consortium comprised of leading global derivatives trading institutions, and financial, technology and consulting firms. FpML.org endorsed FpML version 1.0 in May 2001. It covers interest rate swaps and forward rate agreements. Version 2.0will be released for trial recommendation later this year and will cover interest rate options, such as caps, floors and swaptions. See www.fmpl.org for information on working groups. Organizations actively participating in the FpML
standard: Wall Street Systems |
