Blackbird Announces FpML Compliance.Business & Financial Editors CHARLOTTE, N.C.--(BUSINESS WIRE)--June 7, 2001 World's First E-Derivatives Trading System The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. Embraces Industry Standard; Users Enjoy Enhanced Processing Capabilities Blackbird Holdings, Inc., builder and operator of Blackbird, the world's first electronic trading  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. system for a wide range of OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). interest rate derivatives An interest rate derivative is a derivative where the underlying asset is the right to pay or receive a (usually notional) amount of money at a given interest rate. The interest rate derivatives market is the largest derivatives market in the world. , is now fully compliant with FpML (Financial products Markup Language markup language Standard text-encoding system consisting of a set of symbols inserted in a text document to control its structure, formatting, or the relationship among its parts. The most widely used markup languages are SGML, HTML, and XML. ), the standard industry protocol for electronic derivatives transactions. "Given our industry's widespread support of FpML as a standard, as well as the flexibility of our technology, we decided to optimize the service we provide to our clients," said Shawn Dorsch, president and co-founder of Blackbird Holdings. "We are proud to be the first independent electronic trading system to provide it as part of our overall offering." Financial products Markup Language is a standard for defining business information for the electronic trading and processing of financial derivatives instruments. Based on XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. (Extensible Markup Language See XML. (language, text) Extensible Markup Language - (XML) An initiative from the W3C defining an "extremely simple" dialect of SGML suitable for use on the World-Wide Web. http://w3.org/XML/. ), the standard meta-language for describing data shared between applications, the FpML standard is expected to eventually incorporate all categories of over-the-counter (OTC) derivatives. The current version, however, focuses on those products currently traded in Blackbird: interest rate swaps Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. and Forward Rate Agreements (FRAs). Complementing its leading-edge technology for executing e-derivatives transactions, Blackbird intends to leverage FpML to automate the flow of information within and between derivatives counterparties, particularly with regard to the communication and confirmation of transaction details. Upcoming iterations of FpML will ultimately allow for the electronic integration of a range of services, including electronic trading and portfolio specification for risk analysis. "FpML enhances Blackbird's ability to deliver a host of benefits to our clients, including straight-through-processing, saving users significant effort in the execution and confirmation of trades," said Gary Solomon, Co-Chief Technology Officer of Blackbird. "Our adoption of FpML provides our customers with an easy way to realize the benefits of FpML without having to undergo an expensive development or installation effort on their own," he added. "We are pleased that Blackbird has joined the growing number of organizations actively participating in the FpML standard," said Philippe Khuong-Huu, Chairman of the FpML.org Board of Directors. "By adopting FpML into its own processes, Blackbird reinforces the broad range of applications and uses FpML can enhance." About the Blackbird System Blackbird is an interactive trading system for OTC derivatives which offers an efficient, screen-based alternative to the current inter-dealer voice broker services. With smart technology, Blackbird has made electronic trading of derivatives possible by providing pre-screened credit, real-time term negotiation, and on-line broker assistance. Capturing all elements of a trade with precision, Blackbird also allows clients to achieve straight-through-processing. Blackbird gives dealers the flexibility to execute trades using three distinct trading models in whichever method best suits their transaction and trading styles. About Blackbird Holdings, Inc. Blackbird Holdings, Inc. (www.blackbird.net), formerly DNI See Do Not Increase. Holdings, Inc., is the builder and operator of Blackbird, the world's first inter-dealer electronic trading system for a wide range of OTC interest rate derivatives. Founded in 1996 by former derivatives traders, Blackbird is headquartered in Charlotte, NC, and has offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , London and Tokyo. Blackbird's strategic partners include Garban and Reuters. |
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