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Risk Management

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FIX and FpML to share protocol information; Application Networks enhances Jrisk.

FIX Protocol Ltd. (FPL), - developer of the FIX (Financial Information Exchange) Protocol - and the International Swaps and Derivatives Association - developer of the Financial Product Markup Language (FpML) have agreed to share information as they continue to develop their respective protocols. Since the FIX 4.4 Specification allows for inclusion of an FpML product description in its instrument component block, both organizations will work together to provide a common set of guidelines and to promote common industry practices.

In addition, FPL and ISDA will collaborate on the creation of the FIX 4.4 FIXML Schema to ensure standards exist for the inclusion of FpML 4.0 Schema definitions with a FIXML Schema Message. The FpML 4.0 Specification introduces a messaging architecture to support the business processes required for OTC derivative-related transactions.

Application Networks has enhanced its Jrisk for Credit Trading business solution by including support for the next generation of credit derivatives and exotic credit structures. "The market is calling for second generation products such as default swaptions, synthetic CDOs and the ability to build more complex structures in order to securitize their portfolios," states Evrard Van Hertsen, chief executive officer of Application Networks based in Palo Alto, Calif.

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