RiskTech Forum

C24 Technologies Introduces FpML 5.3 Message Support

Posted: 17 October 2012  |  Source: C24 Technologies

C24 Technologies, a leader in financial services messaging and integration solutions, today announced support for Financial products Markup Language (FpML) Recommendation version 5.3 in C24 Integration ObjectsTM. With this new version, C24 provides comprehensive support for FpML 5.3 messages, validation rules and test cases, including FpML 5.3 Reporting, Transparency, Confirmation and Recordkeeping Views.

The financial services developer community can immediately download the product and fast-start reference implementations at www.c24.biz/downloads to jumpstart their derivatives, regulatory compliance and FpML projects.

C24 Integration Objects is a data modelling, meta-data management, transformation and messaging integration toolkit based on Java data binding technology with in-depth support for over 40 industry standards including SWIFT, ISO 20022, SEPA, FpML, and FIX. Firms can speed compliance with new reporting regulations and automate OTC derivatives processes by extending their existing applications with C24’s productivity software and pre-built standards libraries.

The FpML 5.3 standard adds support for the International Swaps and Derivatives Association (ISDA) product taxonomies as defined by the Dodd-Frank Wall Street Reform and Consumer Protection Act. This recent FpML release also incorporates Commodity Futures Trading Commission (CFTC) swap data repository reporting requirements in addition to expanded support for Unique Swap Identifiers (USI) and Legal Entity Identifiers (LEI).  Market participants have started implementing FpML 5.3 to meet the mandated reporting requirements.

“Financial firms are challenged to meet new and evolving regulatory reporting requirements and to increase STP rates for OTC derivatives trades” said Wayne Meikle, commercial director, C24 Technologies. “Our in-depth support for current and historical FpML standards, including the final FpML 5.3 Recommendation, provides a messaging integration platform for IT to quickly meet these challenges while reducing operational costs and risks. C24 is committed to ongoing compliance with the standards needed to support regulatory reporting as required by subsequent phases of Dodd-Frank and the rollout of EMIR globally.”

C24’s OTC Derivatives solution consists of C24 Integration Objects; pre-built standards libraries for FpML, SWIFTNet Derivatives and MarkitSERV; test cases; and consulting services tailored to the user’s specific needs. Firms have reported a 50% cost savings for their derivatives projects over custom developed solutions by leveraging C24’s pre-built standards libraries and software development tools.