ISDA publishes FpML 5.13 Trial Recommendation (build 6)

NEW YORK, March 10, 2025 - The International Swaps and Derivatives Association, Inc. (ISDA) published the Trial Recommendation for Financial products Markup Language (FpML) version 5.13.

The FpML 5.13 draft is available on the FpML website in the Specifications section at: www.fpml.org/spec/fpml-5-13-6-tr-1

Changes compared to FpML 5.13 Last Call Working Draft (build #5) published January 21, 2025:

• [Confirmation View]
  
  • clearingStatus message: Added quote to clearingStatus/clearingStatusItem, to be able to specify e.g. trade-level NPV, variation margin, PAI
  • Update to Rates example ird-ex33-BRL-CDI-swap.xml: resetFrequency updated from 1T to 1D to reflect market practice
  • Sample business rules validation fix (scheme-10 rule):
    
    • Added coding scheme override for inflation samples incorrectly using FRO scheme.
    • Replaced versioned coding scheme URI for canonical URI in TRS samples.
    • Updated samples:
    • inflation-asset-swap-ex01-ratio-zc-floored.xml
    • inflation-asset-swap-ex02-ratio-zc-floored.xml
    • inflation-asset-swap-ex03-par-par.xml
    • inflation-asset-swap-ex04-proceeds.xml
    • inflation-swap-ex01-yoy.xml
    • inflation-swap-ex02-yoy-bond-reference.xml
    • inflation-swap-ex03-yoy-initial-level.xml
    • inflation-swap-ex04-yoy-interp.xml
    • inflation-swap-ex05-zc.xml
    • inflation-swap-ex06-zc.xml
    • inflation-swap-ex10-float-v-float-BRL.xml
    • ird-ex60-trs-basket.xml
    • ird-ex61-trs-single-underlyer.xml
    • ird-ex62-trs-single-underlyer-short.xml
  • Removed spreadSchedule element from samples which only contain an initial value of 0 (business rule ird-25).
    
    • Updated samples:
    • ird-ex04a-arrears-stepup-fee-swap.xml
    • ird-ex06a-xccy-swap.xml
    • ird-ex07a-ois-swap.xml
    • ird-ex09a-euro-swaption-explicit.xml

Please provide feedback to info@fpml.org. The deadline for comments is 2025-04-11.

FpML is the industry standard for derivatives and complex products. A Trial Recommendation indicates the version is nearing completion, with a last chance for the industry to provide feedback and influence the design. The latest version of the open-source standard is available on the FpML website: www.fpml.org.