FpML
Progress Software provides specialized standards libraries for the trade automation of swaps, derivatives and structured products. The Standards Libraries are pre-built and maintained data models that provide rich support for Financial Products Markup Language (FpML) messages, validation rules and test cases. Support is provided for FpML, Depository Trust & Clearing Corporation (DTCC) Deriv/SERV Trade Information Warehouse, Markit Wire and SWIFTNet FpML.
The Standards Libraries are designed to meet the needs of organizations executing Over-The-Counter (OTC) derivatives transactions using FpML standards, both internally and externally with trading partners. Standards Libraries provide access to a collection of components and services maintained by Progress Software, and are designed very specifically for the power user. Each FpML implementation is based on the specifications released by the working group, whether that be FpML, DTCC, Markit Wire or SWIFT.
These specifications are implemented and maintained by Progress Software to ensure access to a fully maintained reference implementation of the latest standard. As the FpML standards are commonly adopted at various stages in the release process, licensing a Standards Library will guarantee that you are kept up-to-date with the most recent versions. Each Standards Library version includes:
- Implementation of the data model, e.g. the FpML schema
- Implementation of the validation rules with mapping definitions from the rules to the data model. Data quality is improved by validating transaction data between systems
- A comprehensive library of valid and invalid test instance documents shortening the time for project delivery
- Maintenance service agreement that the implementation will be maintained in sync with the published standards
Supported FpML standards are listed below.
- FpML – The FpML Standards Library implementations are based on the FpML specifications released by the International Swaps and Derivatives Association (ISDA) on www.fpml.org. Support is provided for over 40 FpML versions.
- DTCC Deriv/SERV Trade Information Warehouse – The DTCC Deriv/SERV Standards Library provides support for OTC derivatives contracts enabling the creation of FpML trade messages which are DTCC format compatible. Includes both generic FpML and DTCC Deriv/SERV specializations.
- Markit Wire – The Markit Wire (formally SwapsWire) Standards Library provides support for OTC transactions enabling the creation of trade messages which are SwapsWire format compatible. The Standard Library supports both SWML and SWDML schemas and over 800 SWDML validation rules.
- SWIFTNet FpML – The SWIFTNet FpML Standards Library provides support for OTC transactions enabling the creation of FpML trade messages which are transported over SWIFTNet using the SWIFTNet InterAct store and forward service. Includes both generic FpML and SWIFTNet FpML specializations.
The Standards Libraries provide fully maintained FpML data model and validation rule implementations that are guaranteed to be kept up-to-date. Access to the included regression testing platform will ensure applications are 100% compliant with latest practices and procedures.
Validation rules are expressed as XPath constraints that are compiled into the Java code components derived from the FpML data model. Any FpML instance document can then be checked for both schema compliance and adherence to the validation rules originated from the standard body as a single operation, or as a precursor to a semantic transformation to some other arbitrary format. Features include:
- Ability to extend and specialize the base standard – Crucial within the FpML context, the libraries provide an object-oriented metadata modelling environment for easily extending and specializing the base models and associated validation rules to suit the unique requirements of an organization’s trading and application environments. Progress Software has also been validated with the Markit Wire, SWIFTNet FpML and DTCC Deriv/SERV Trade Information Warehouse derivations of the base XML constructs used to describe and exchange derivatives trade data.
- FpML validation – Validation against published code-lists, firm specific extensions, and generic domain constraints make modifications to the enumerated values in the base standard a quick and easy operation.
- Deploy on any Java run-time deployment infrastructure environment and transport – Dependent on no specific or proprietary language implementation, Progress Software leverages open technology standards such as XSD, DTD, XPath, XQuery, open Java code, Hibernate, and various version control systems. Run-time components can be quickly bound to file, database, and a wide range of middleware transports, can be deployed on application servers, in custom frameworks, in Spring containers, in Jini environments, and with various ESB implementations such as Sonic.
- Reference implementations – A bundle of ready-to-run examples for technical familiarization and to speed implementation times are available. These implementations include:
>> Deployed .java source code and Apache ANT build scripts
>> Associated class libraries
>> Developer reference JavaDoc
>> Instance documents and test cases
>> Integration code examples
>> An instance of the API .jar for run-time deployments - Round-trip support for all FpML versions – The libraries can be used to import custom data models and round-trip test them against all published versions of the schemas.
- Support – Support is provided in the form of software updates, Standards Library data model updates to ensure continued support of the standard as it evolves, online issue tracking and discussion forums.
