A variety of enhancements have been made to the FpML standard, including:
* Version 5.7 covers the execution of package transactions. The addition impacts existing credit limit check messages and clearing messages.
* Version 5.7 provides support for reporting requirements in different jurisdictions as FpML has become the global standard for trade reporting.
* Version 5.7 electronically represents the Standardized Credit Support Annex (SCSA) document. On the product side, necessary changes have been made to support the
"Representing legal documents in an electronic format, of which the SCSA is a first example, opens a further set of opportunities to leverage the marketplace standardization efforts for the purpose of efficiency and operational risk mitigation" says
The upcoming version 5.8 will focus further on product standardization in foreign exchange (FX) derivatives together with the coverage of commercial loan messages and repo representation. Regulatory reporting, clearing and electronic execution continue to be the focus areas for the FpML Standards Committee.
FpML is the industry standard for over-the-counter (OTC) derivatives and complex products. A Recommendation is the final step in the development process of a version. The latest version of the open-source standard is available on the FpML website: www.fpml.org. More information on the timing of future versions can be found in the FpML roadmap: http://www.fpml.org/roadmap/roadmap.pdf.
[Category: Financial Services]
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