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Standards Body: fixprotocol.org
Adoption: Widely adopted for more than 20 years
Products applicable: Cash Equities, Fixed Income, Futures and Options
FpML:
The Financial products Markup Language is an XML standard for processing and communicating pre-trade to post-trade life cycle events in OTC derivatives. The derivatives product coverage ranges from Interest Rate Swaps (IRS), Credit Default Swaps (CDS), Equity Swaps, FX forwards, swaps, options, Commodity derivatives, Repos and Security Finance.
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Standards Body: FpML.org governed by ISDA (International Swaps and Derivatives Association, Inc.)
Adoption: Widely adopted for more than 15 years
Products applicable: mostly OTC derivatives such as Interest Rate Swaps (IRS), Credit Default Swaps (CDS), Equity Swaps, FX, Commodities etc.
ISDA CDM:
The ISDA CDM Project aims to facilitate the build of a common, robust, digital blueprint for how derivatives are traded and managed across the life-cycle, represented in a standardized format. This will be transformational for the derivatives market, and will help drive much-needed efficiencies by cutting down on mismatches that occur in how firms record events and actions in their own internal systems. It is intended to improve accuracy and consistency in regulatory reporting, compliance, data controls. It will also establish a bedrock of standards upon which new technologies, such as distributed ledger, cloud and smart contracts, can be built, enhancing consistency and boosting the potential for these services to operate across firms and platforms. The CDM project started on the standard on Feb 2018 and it is still in heavy development. It is expected to release a stable version 2.x in 4Q'19 and most of the tools and artefacts are now in open source. The project can be accessed by registering here. The open source documentation can be found here.
Category: Data and business process standard (does not address messaging)
Standards Body: Governed by ISDA (International Swaps and Derivatives Association, Inc.)
Adoption: no industry adoption yet as of 3Q'19.
Products applicable: OTC derivatives, Repos and Securities Finance.
ISO 20022: (TBC)