Quarterly Update – Q4 2018

Greetings and Happy New Year! In the final FpML Quarterly update for 2018 we will take a look back at the accomplishments and FpML publications in 2018. Thanks to all for your support and contributions to the FpML standard. FpML Survey: Early in 2018, we released the results of the FpML survey, jointly conducted by ISDA and Ernst & Young. The survey reports a large increase in FpML use, measured by daily message volume driven by the increased use for regulator reporting. Read the announcement and download the survey from http://www.fpml.org/latest_news/isda-has-published-the-results-of-the-2017-fpml-survey/ Versions Updates: In Q1 2018, we completed the work on FpML version 5.10; the work on version 5.11 is in full swing with a First WD published in October and the second working draft expected in February 2019.

• Version 5.10 Recommendation: http://www.fpml.org/latest_news/isda-has-published-fpml-5-10-recommendation/
• Version 5.11 First Working Draft: fpml.org/spec/fpml-5-11-1-wd-1 A detailed overview of the changes in version 5.11 can be found in Section 18 of the online documentation

The final Recommendation for 5.11 is planned mid-2019. The schedule is in large part driven by regulatory requirements in the US and Europe. See the roadmap at http://www.fpml.org/docs/roadmap.pdf. Formation of a Cross-Asset Class Product Working Group Over the summer, FpML formed a new Product Working Group to discuss asset class-related issues or requests for enhancements. The group is actively meeting and will contribute enhancements and new coverage in version 5.11. Visit http://www.fpml.org/wgroup/xapwg/ for more information on the book of work and logistics of the working group. FpML to ISIN JSON Generator 1.0 Released In September, ISDA released version 1.0 of the FpML to ISIN JSON Generator for interest rate and credit derivatives. The generator takes FpML trades as input, extracts values from relevant FpML data fields and generates the ANNA DSB-compliant JSON format which can be used to create or inquire about ISIN through the ANNA DSB.

• The generator is available in the following ways:
  • On the FpML website: http://www.fpml.org/tools/fpml-to-isin-json-generator
  • Through an API for firms wanting to interface directly with the web service. To request access to the API, please fill out the required details at: http://www.fpml.org/tools/fpml-to-isin-json-generator-api
• The logic underlying the conversion is available to ISDA members at http://www.fpml.org/tools/fpml-to-isin-json-generator-logic.
• Feedback on the generator would be greatly appreciated. Questions or comments can be submitted to tools@fpml.org or the FpML Forum.

FpML to JSON Conversion In October, ISDA published an FpML paper with guidelines on FpML to JSON conversion. The purpose of this paper is to provide mapping guidelines for the conversion of FpML messages to JSON. The paper is available at: Paper on FpML to JSON Conversion (pdf) The FpML Architecture Working Group (AWG) is developing an actual JSON reference implementation based on these guidelines, the Beta version will be made available in January 2019. Coding Schemes Update ISDA published multiple sets of coding schemes throughout 2018. Visit the Reference Data page for more information on the scheme publications at http://www.fpml.org/reference-data/ or http://www.fpml.org/spec/coding-scheme/. FpML Training Courses We held a number of successful FpML Training Courses in New York and London and will continue to do so in 2019. See https://www.isda.org/events/ for more information. Looking forward into 2019, the year has barely started but certainly is not lacking in projects or items to work on. Beyond the reporting redesign work slated for version 5.11, we expect changes in the reporting requirements in Europe and the US, the Cross Asset Class Product Working Group is developing the representations for securities lending and the Architecture Working Group has numerous issues on its plate as well. Meanwhile the Standards Committee has started discussions on FpML 6 … Stay tuned!