Instead of coding, developers can piece together complex structures from a set of financial Lego blocks based on the FpML model. The financial products are compliant to ISDA's FpML trade description, the same format used by the electronic trading platforms BlackBird and SwapsWire.
Unlike the equities market, which has already migrated to electronic trading with the FIX protocol, the OTC derivatives markets still rely on fax and telephone. In the UK, the annual cost of processing these transactions is in excess of $2 billion, with over $400 million coming from back office costs alone.
Contact: James Battle
Tel: +44 (0) 777 594 6279