FinTrack Systems Utilizes FpML to Support New Inter-Company Web-Based Price Distribution and Execution Platform for Trading OTC Derivatives.Business/Technology Editors NEW YORK--(BUSINESS WIRE)--Dec. 17, 2001 FinTrack Systems Corporation's newly developed PriceTrack(SM) browser-based, real-time price distribution and execution system successfully incorporates 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. (FpML) for intra- and inter-company messaging reports Matt Meinel, co-chair of the FpML.org Standards Committee. Meinel, one of several major securities industry volunteers working to develop FpML as the standard for Internet trading of OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). derivatives, is a Managing Director of UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Warburg. David Carey, Managing Director at FinTrack Systems, said, "With PriceTrack, any dealer institution is able to broadcast unique markets of negotiable and executable asset prices in real time to each of its clients." He added that "functionality includes credit spreads, trading blotters, historical data, audit trails, advanced instant messaging Exchanging text messages in real time between two or more people logged into a particular instant messaging (IM) service. Instant messaging is more interactive than e-mail because messages are sent immediately, whereas e-mail messages can be queued up in a mail server for seconds or and database-oriented client permissioning." Earlier, FinTrack Systems rolled out RiskTrack(SM) to support the exchange of interest rate derivatives data with an investment bank's legacy system. Now, when a deal is executed on either system, FpML messages are generated to facilitate straight-through-processing all the way from a client on the other side of an Internet connection through to a dealer's 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. . Nat Rathnam, Managing Director and co-founder of FinTrack, said "Much like PriceTrack, RiskTrack also utilizes FpML for use in any dealer and client legacy system." He also attested that "FinTrack Systems continues to support the use of FpML to increase efficiencies in the trading of OTC derivatives." Established in 1997, FinTrack (www.fintrack.com) provides a suite of Internet/Intranet-based trading products allowing firms to better serve clients, expand business reach, lower transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). and boost efficiencies. FinTrack has been an active member of the FpML.org Interest Rate Derivatives Working Group developing the standard. FpML is the XML-based, freely licensed, e-commerce standard supporting OTC trading of financial derivatives. FpML.org is a non-profit consortium comprised of leading global derivatives trading institutions, and financial, technology and consulting firms. The consortium is currently integrating its standards development process into ISDA ISDA See: International Swap Dealers Association based on a recent agreement between the two organizations. FpML.org endorsed FpML version 1.0 in May 2001. It covers 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. Version 2.0, currently out for comment as a last call working draft, covers interest rate options such as caps, floors and swaptions. Work is progressing on FpML Version 3.0, which covers FX and Equity Derivatives. Details are available at www.fmpl.org |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion