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Agenda

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Agenda

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Presentation Transcript

  1. Agenda • What is XML? • XML Jargon • Why XML? Why Now? Advantages • Disadvantages of XML • What is FIX? • What is FIXML? • What other standards are available? • How to get started

  2. What is XML? • History • eXtensible Markup Language • Uses Tags to organize data • The tags describe the content of the message • Description of the message with the message provides for the flexibility

  3. Example XML Message - Order

  4. Example XML Message - Positions

  5. Why XML? Why Now? Advantages • Technology is easily integrated • Focus on integration • Wide adoption across computer vendors • Ability to interoperate across standards

  6. Disadvantages • Message Size • Newness

  7. XML Jargon • XML Document • Tag • <tagname> value </tagname> • <tagname/> • <tagname attribute=“attvalue”/> • Element - Tagname • Attribute - value associated with an element and extra addition • DTD - Document Type Definition • Schema - New approach to defining XML Messages • Translation - Ability to use capabilities to automatically translate FIX documents • W3C - World Wide Web Consortium

  8. What is FIX? • Financial Information Exchange Protocol • FIX Protocol Ltd. join@fixprotocol.org • FIX Global Derivatives Committee • FPL and FIA Statement of Understanding • Similar to BMA and FPL for Fixed Income

  9. What is FIXML? • XML version of FIX • Provided as a DTD with each version of FIX • If you here FIX 4.2 - there is an XML and a tag=value version • FIXML for messaging • FIX 4.4 Timeline

  10. FPL Reorganization Goals • Expand membership to include wider financial community • Represent products/services beyond equities • Globally coordinate/share expertise in support of education and marketing • Provide regions with source of product and implementation expertise, business process for obtaining that support • Accommodate protocol implementation stage at both the regional and product level • Reduce workload on key FPL members, establishing business processes to allow additional participation for achieving what a handful of people now do • Enhance and articulate member benefits • Avoid unnecessary bureaucracy/hierarchy • Maintain grass-roots and volunteer culture

  11. XML Relevant to Derivatives • ISO 15022/XML (SWIFT) • Statement of understanding with SWIFT toward a common standard • FpML • Financial Products Markup Language - ISDA • OTC Post Trade • SFXL • Security Financing XML Language • MDDL • Market Data Definition Language

  12. Current Standards Initiatives • Fixed Income • Additional changes to support full life cycle • Listed Futures and Options Post Trade Support • Trade Capture • Position Management • Allocation • ISO/XML • Working with ISO 15022 Working Group 10 • Pre-trade • Trade • Post Trade • FIXML • Schema based upon FIX 4.3 Errata to meet current commitment • Attempt to address message size issue using Schema technology • Interoperability • FpML, SWIFT

  13. Potential Standards Initiatives • SFXL Integration • Securities Financing • Corporate Actions • ISO 15022 • MDDL • Post Trade • Clearing and settlement window notification • Account Transfer

  14. New FPL Structure

  15. Organization Concept

  16. FIX 4.4 Update • FIX 4.4 • Incorporate final round of Fixed Income changes • Incorporate listed futures and options post trade support • Minor improvements • Seen as incremental to FIX 4.3

  17. How to get started • Participate in the Standards Working Group • IT staff start to become educated • Continue to push for standards adoption using existing standards