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Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,XML Developers 99FpML:Initial Design Tradeoffs 1999 Fragment Art&Research,Inc.New York,Click to edit Master title style,Fragment Art&Research,Inc.,FpML,Initial Design Tradeoffs,1,What is FpML?,“Financial Products Markup Language,XML-based language,Representation of interest rate and foreign exchange derivatives and related information,Initially:,represent client view,represent data,not messages,2,Simple Interest Rate Swap,Company B,Company A,Fixed interest5%in USD,6m USD LIBOR,+0.04%spread,On a 20,000,000 USD notional.,For 10 years semi-annual payments.,3,Client View,Company B,Company A,trade,sign confirm,Data in confirm,4,Why is this interesting?,Currently labor-intensive manual process,High transactional friction,Leverage electronic processing:,C2B,B2B,inside B,inside C,new kind of services,5,Who is working on FpML?,Driven by financial industry.,Initially collaboration between J.P.Morgan and PriceWaterhouseCoopers.,Shift to open process,broad support by market participants,vendors,and software companies.,6,What is the current status?,Initial working draft published:,Next steps:get organizational structure and process in place,Initiate working groups,Initiate prototypical implementations,7,Why am I here?,Talk about the“XML-How,Present some of the issues,Communicate tradeoffs that were made,Solicit feedback,Spark YOUR interest!,8,Main Issues,Objects,Composition,Validation,References,9,Objects,Goals,Organize data with an object oriented point of view.,Follow instance of a class/instance variables paradigm.,“Interface-based types of instance variables.,10,Objects,Our choices,Strict naming conventions to tell object and its state apart.,Use of namespaces to keep classes apart(mostly).,No reliance on positional information,except in named and anonymous collections.,11,Objects,FpML,Examples,fragment out of fixed stream,1999,-,06,-,06,ModifiedFollowing,primaryBusinessCenters,USD,1000000,12,Objects,Alternatives,Dont use namespaces,instead prefix or change name on case by case basis.,Merge instance variables up into their owner,and have meta-information that denotes the current class.,13,Composition,Goals,Maximize reuse of components.,Processing service based flexibility.,Utilize structure and be explicit as possible.,Allow for proprietary and public extensions.,14,Composition,Our Choices,Fine grained components,used everywhere(e.g.Money,Rate,AdjustableDate).,Coarse grained components inside Trade,to express“bigger concepts(e.g.TradeID,Party,Product).,Trade as data envelope.,15,Data Envelope(Some Trade),Data A,Service X,Service Y,Data B,Data C,Data D,Composition,Envelope,16,Composition,Alternatives,One big component per product or trade.,Coarse components that are enriched over time.,Flat structure for representing parameters of product.,17,Validation,Goals,Validate as much as possible with standard mechanisms.,Facilitate non-standard validation when necessary.,Dont let current technology totally determine how FpML is structured.,18,Validation,Our Choices,Use DTDs for now.,Move to XML-Schema when stable.,Represent addl.meta information as attributes.,For now require application level validation for data types,referential integrity,and semantic validation.,19,Validation,Alternatives,Skip DTD,pick one of the schema proposals.,Skip DTD,use proprietary validation tool.,Validate once and sign.,20,References,Goals,Enable use of external reference data,Currencies,Holiday Calendars,Business Centers,Minimize redundancies,Between coarse elements,Inside one component,Facilitate“thin processing,21,References,Our Choices,Name of element defined in attribute.,Reference is simple name,owning element defines context.,Naming convention for referencing element.,22,References,FpML,Examples,ABC Trust,237732,.,.,.,23,References,Alternatives,ID,IDRef,XPointer,Binding Declarations,XPath,24,Summary,Briefly described FpML(what,why,who),Elaborated on XML-issues(Objects,Composition,Validation,References),Transition from document centric use of XML to data centric use is part of XML-evolution,and its not easy,25,For more info:,Check out,Contact:,Co-chairs technical committee:,Axel Kramer,Consultant to J.P.Morgan,Mahesh Panjwani,PriceWaterhouseCoopers,Co-chairs standard committee:,Keri J.Jackson,J.P.Morgan,jackson_,Waqar Ali,PriceWaterhouseCoopers,26,
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