Editing FpML

{{short description|XML-based markup language}}
{{Use dmy dates|date=July 2023}}
'''FpML''' ('''Financial products Markup Language)''' is a [[business information]] exchange [[Technical standard|standard]] based on [[Extensible Markup Language]] (XML) that enables business-to-business [[Over-the-counter (finance)|over-the-counter]] (OTC) [[financial derivative]] transactions online by following [[World Wide Web Consortium|W3C]] standards.<ref name="WhatIs">{{cite web
| last = Rouse
| first = Margaret
| title = FpML (Financial Products Markup Language)
| url= https://whatis.techtarget.com/definition/FpML-Financial-Products-Markup-Language
| date = March 2011
| publisher = [[TechTarget]]
| accessdate = 2019-06-07}}</ref>

The standard is managed by the [[International Swaps and Derivatives Association]] (ISDA) on behalf of a community of [[investment banks]] that make up the OTC derivatives industry.<ref>{{cite journal
| author1=Marc Gratacos
| author2=Karel Engelen
| title=Use of FpML for Risk Evaluation
| date=December 2011
| publisher=[[International Swaps and Derivatives Association|ISDA]]
| url=https://www.cftc.gov/sites/default/files/idc/groups/public/@aboutcftc/documents/file/tac_121311paper_fpml.pdf
| accessdate=2019-06-07}}</ref><ref>{{Cite web |url=https://www.isda.org/book/fpml-5-user-guide-2012-edition-pdf/ |title=FpML 5 User Guide – 2012 Edition |url-access=subscription|publisher=ISDA|access-date=2019-12-19}}</ref> All categories of privately negotiated derivatives will eventually be included within the standard.

FpML is distinct from similar financial standards such as [[Society for Worldwide Interbank Financial Telecommunication|SWIFT]] and [[Financial Information eXchange|FIX]] because it does not specify a network or transport mechanism.

==History==
The FpML standard was first published by [[JPMorgan]] and [[PricewaterhouseCoopers]] on 9 June 1999 in a paper titled "Introducing FpML: A New Standard for E-commerce".{{Citation needed|date=December 2021}} As a result, the FpML standards committee was founded.

The core scope includes the products of [[Foreign exchange market|Foreign Exchange (FX)]] Swaps and Options, [[Interest Rate Swap]]s, [[Inflation swap|Inflation Swaps]], [[Asset swap|Asset Swaps]], [[Swaption]]s, [[Credit Default Swap]]s, [[Credit default swap index|Credit Default Swap Indices]] and Baskets, [[Equity derivative|Equity Derivatives]], [[Equity swap|Equity Swaps]], [[Total return swap|Total Return Swaps]], and many others.

The core processes include trading, valuation, confirmation, novation, increase, amendment, termination, allocation, position reporting, cash flow matching, formal definition of party roles, as well as trade notification between asset managers and custodians.

As of December 2021, FpML 5.12 is the latest recommended version.<ref>{{cite web
| url=https://www.fpml.org/latest_news/isda-publishes-the-recommendation-for-fpml-version-5-12-build-4/
| title=ISDA publishes the Recommendation for FpML 5.12 
| date=2021-09-28
| accessdate=2021-12-13}}</ref>

==Major participants==

{{Col-begin}}
{{Col-break}}
*[[Bank of America]]
*[[Barclays Capital]]
*[[Barclays Global Investors]]
*[[Bloomberg L.P.|Bloomberg]]
*[[BNP Paribas]]
*[[Citibank]]
*[[Credit Suisse]]
*Creditex
*[[Deutsche Bank]]
*[[Depository Trust & Clearing Corporation|DTCC]]
{{Col-break}}
*[[HSBC Bank USA]]
*[[FIS_(company)|FIS]]
*Global Electronic Markets LLC
*[[Goldman Sachs]]
*[[IBM]]
*[[ING]]
*[[IONA Technologies]]
*[[JPMorgan Chase]]
*[[Morgan Stanley]]
*[[Nomura Securities Co.]]
{{Col-break}}
*[[Royal Bank of Scotland|RBS]]
*[[Markit Group]] (since acquisition of SwapsWire)
*[[Rabobank]]
*[[Standard Bank]]
*Systemwire
*[[TradeHeader]]
*[[T-Zero (company)|TZero]]
*[[UBS AG|UBS]]
*[[University College London]]
*Wall Street Systems
{{col-end}}

==See also==
* [[Financial Information eXchange]] (FIX)
* [[MDDL]], a competing Market Data Definition Language

==Resources==
{{reflist}}

==External links==
* [https://www.fpml.org FpML Homepage]
* [https://www.isda.org ISDA Homepage]

[[Category:Markup languages]]
[[Category:Market data]]
[[Category:Financial industry XML-based standards]]
[[Category:Financial software]]