Financial products Markup Language Readies for Cross-Firm Deployment; OTC Derivatives Trading Standard Reduces Costs, Broadens Markets.Business Editors NEW YORK--(BUSINESS WIRE)--April 18, 2001 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 e-commerce standard supporting OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). trading of financial derivatives, will be used across firms by the middle of the year, delegates to the FpML Spring Forum were told today. In the keynote address keynote address n. An opening address, as at a political convention, that outlines the issues to be considered. Also called keynote speech. Noun 1. , Tim Fredrickson, 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's Managing Director and Global Head of Fixed Income Derivatives said, "using FpML to support trading between institutions represents a major step in the standard's evolution. Ultimately it will allow electronic integration of a range of services from 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. and confirmation to portfolio specification for risk analysis. "Each OTC instrument is a unique document," Mr. Fredrickson said. "Each one must be checked and counterchecked, and the cost of processing them is estimated at $1 billion annually. This high cost effectively shuts smaller firms out of the market," he said. "By dramatically reducing the processing costs, FpML will open the market to new players, increase competition and become part of the everyday management of financial and trading institutions." The first firm expected to deploy FpML externally is SwapsWire, a collaborative venture within the interest rate derivatives community. The company, an active participant in the non-profit FpML consortium, recently stated that the XML-based FpML standard is seen as a vehicle supporting its business objectives. The FpML Spring Forum includes updates on the standard and presentations on its use and future direction. Breakout sessions cover proprietary vs. industry financial standards, solutions for straight-through processing straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. , 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. tools and details on FpML activities regarding interest rate derivatives products and equity derivatives/FX products. FpML.org is a consortium comprised of financial, technology and consulting firms. The standard is freely licensed and is intended to automate the flow of information across the entire derivatives partner network, independent of the underlying software or hardware infrastructure supporting activities related to these transactions Organizations actively participating in the FpML standard: Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. - BNP Paribas - Citigroup - Credit Suisse First Boston - Deutsche Bank - Mizuho Capital Markets Corporation - Goldman Sachs - International Business Machines - JPMorgan - Morgan Stanley - PricewaterhouseCoopers - Reuters - SunGard Trading and Risk Systems - SwapsWire - S.W.I.F.T. - UBS Warburg |
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