FIX 4.4 Errata Released, FIXML Schema Next Step

June 20, 2003 - The FIX 4.4 Errata 20030618 Release was published and made available in the Specifications section of the FIX Protocol website. This release supplements the April 30, 2003 release of FIX 4.4 with the correction of typographical errors, specification errors, inclusion of critical omissions, as well as the inclusion of the FIXML DTD. Members of the FPL Global Technical Committee developed a set of validation tools and a repository to assist in creating the Errata release. The software used to manage the Errata process will be made available for free download to FPL members in the July/August timeframe.

In order to continue the development of FIXML, the Global Technical Committee is creating the FIXML Schema Working Group and is planning to release a FIXML 4.4 Schema that will take advantage of the capabilities provided by W3C’s XML Schema WG. The current and previous DTD versions of FIXML classified every field as an XML Element which resulted in large messages negatively affecting throughput and bandwidth. The new FIXML 4.4 Schema will depart from the "everything is an XML Element" approach and will instead utilize XML Attributes as well as expand the use of abbreviations in order to reduce overall message size and take full advantage of XML Schema. Those members of FPL’s Global Technical Committee interested in participating in the FIXML Schema Working Group should contact The release of the FIXML 4.4 Schema representation is planned for August 15th, 2003.

The FIXML 4.4 Schema representation will not be backward compatible with the current FIXML 4.4 DTD representation. A backward compatible FIXML Schema that corresponds to the current DTD, as well as XSLT translations will be provided to assist firms in moving to the new FIXML4.4 Schema representation. The FIXML 4.4 Schema is seen as an important next step in the adoption of FIXML. Projects that will utilize the FIXML 4.4 Schema representation are already in progress at The Options Clearing Corporation and Chicago Mercantile Exchange Inc.

The FIXML 4.4 Schema development effort will draw on the work previously completed by FPL's Global Derivatives Committee in conjunction with the Futures Industry Association (FIA) Standards Working Group. Additionally, FPL will coordinate with ISDA's FpML (Financial Product Markup Language) effort to leverage their XML Schema work. The current FIXML 4.4 pre-trade messages are based upon the results of the reverse engineering effort conducted as part of the ISO 15022 Working Group 10 XML initiative. FPL remains committed to continuing its support and participation in the ISO/XML standardization effort.

Press Release Contact:
Mr. Scott Atwell
+1 (816) 340-7053
Co-char Global Technical Committee

Mr. Dean Kauffman
+1 (201) 536-5827
Co-chair Global Technical Committee

Mr. Jim Northey
+1 (312) 622-7630
Co-chair Global Derivatives Committee
Leader FIXML Schema Working Group

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