Ideas toward a template for standards
- Overview (what product does the standard apply to) ( a precis of all the sections below)- applicability to CMSIG
- Category (Is it a data standard, a data interchange standard, a standard for legal contracts also )
- Standards body that controls the standards and governance around this
- Regulation or sovereign adoption (i.e. which regulatory agencies refer to the standard), is it a requirement
- Adoption rates
- Perceived challenges or gaps
- Next steps....
FIX/FIXML:
Overview:
The Financial Information eXchange (FIX®) Protocol is the standard way for financial participants to exchange information (Orders, Executions, Trades, Market Data) between them. It is the most widely used protocol for trading most assets ranging from Equities, FX, Fixed Income, Repo, Security Finance and exchange derivatives covering Futures, Options and Swaps.
You can find more details here.
Category: Data interchange standard
Standards Body: fixprotocol.org
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.
You can find more details here.
Category: Data standard and interchange standard
Standards Body: FpML.org governed by ISDA (International Swaps and Derivatives Association, Inc.)
ISDA CDM: