Ayesha Malik reports on XML standards for financial services applications.
The value of industry standards has been recognized for some time and industries as varied as bioinformatics to chemicals are using XML standards to streamline the communication between counterparties, suppliers and customers and so forth. In the financial services industry, there are currently several standards being developed. In light of STP, I will discuss FIXML, FpML, and SWIFT. FIXML is used to describe information exchanged on standardized instruments while FpML describes information for over the counter derivative instruments.