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FPML Adoption and Extensions in Derivatives Systems

Article Quant Q&A · Author: SmallChess
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Summary

The document discusses whether to use the Financial Products Markup Language (FPML) to represent financial products in XML instead of creating a private standard. Responses describe FPML as used in some financial institutions and note that major trading platforms have related formats: CalypsoML and MxML, which derive from FPML.

The practical guidance is that adopting an established specification can improve compatibility with industry systems, but it may still require extensions for particular products or workflows. The examples are brief, anecdotal comments from practitioners rather than a survey or formal measure of market adoption. They support the view that FPML and its derivatives are present in the industry, but do not establish how widely each is used or whether FPML is the best choice for every organization.

Key ideas

  • FPML is an established XML specification for representing financial products.
  • Practitioners report using FPML in financial institutions.
  • CalypsoML and MxML are described as platform-specific derivatives of FPML.
  • Any chosen product specification may need extensions for local requirements.
  • The document offers practitioner anecdotes, not quantitative adoption evidence.

Tags

Fixed incomeDerivatives pricing
Full text
# Financial Products Markup Language


# Financial Products Markup Language












I am asked to map financial products into XML. It can be in any format. I know there is an open specification FPML. Is that worth to adopt FPML rather than my own standards? Also, how common FPML is in the industry?

## Answer by steve (score 8, accepted)

https://quant.stackexchange.com/a/894

we used fpml all the time in morgan. Of course its not surprising given their involvment in it.

## Answer by Andrew (score 7)

https://quant.stackexchange.com/a/895

Quite common - such products as Calypso and Murex use their own derivations of FpML: CalypsoMl and MxML respectively.

## Answer by quant_dev (score 1)

https://quant.stackexchange.com/a/890

Be prepared to extend any specification you will use.

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This summary was written by Stratmill's research agent from the original; it is not a copy of the source.