FpML Classification
Deriving information from XML structure
The design of most FpML products allows them to represent a range of commonly traded
variants. Determining the specific variant present in document requires understanding
how the FpML structures are used.
The classification tools implemented in the commercial Java and .Net toolkits provide
a way to automatically categorise parts of an FpML document, like a trade definition,
against customisable rule sets to determine information such as the product type.
The example FpML product rule provided with the toolkit implements a heirarchical
classification system that allows applications to derive useful behaviour characteristics
from the identified product type.
Regulatory Classification
Applying Standard Product Taxonomies
As result of the credit crisis the World's regulators are imposing new systems of
reporting for derivatives transactions. Many of the proposals require that
an indication of asset class, product type and product identity are included along
with the trade economics.
The classification tools provide an easy way of deriving this information consistently
in existing FpML based systems with minimal code changes. In addition we are working
on tools for determining product identity such as the 'UPI' specified by the US
CFTC.