how desrcibe Interest Rate Swap product in FIX protocol Delete

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Imported from previous forum

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I saw somebody use FpML in EncodedSecurityDesc to describe this kind of product. I don’t konw how to use FIX protocol to implement it. Anybody has idea for that? THanks

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[ original email was from Dean Kauffman - dean.kauffman@tradeweb.com ]
Hello Tony,
The proposal and examples can be found at this link:

http://fixprotocol.org/documents/1349/FIXFpML%20Proposal.doc

I saw somebody use FpML in EncodedSecurityDesc to describe this kind of
product. I don’t konw how to use FIX protocol to implement it. Anybody
has idea for that? THanks

4

Does it mean if we want to describe Interest Rate Swap product, we must use FpML in FIX protocol?

Hello Tony, The proposal and examples can be found at this link:

http://fixprotocol.org/documents/1349/FIXFpML%20Proposal.doc

I saw somebody use FpML in EncodedSecurityDesc to describe this kind
of product. I don’t konw how to use FIX protocol to implement it.
Anybody has idea for that? THanks

5

[ original email was from Dean Kauffman - dean.kauffman@tradeweb.com ]
No - many IRS trade elements are not defined in FIX, and user-defined fields could be added to accommodate them. But using FpML to document an IRS trade over FIX leverages two mature, widely-used standards and will engage you and your counterparties in the document technology ultimately required for downstream reporting, e.g. DerivSERV, Swaps Wire and market participants already eTrading derivatives.

Does it mean if we want to describe Interest Rate Swap product, we must
use FpML in FIX protocol?

Hello Tony, The proposal and examples can be found at this link:

http://fixprotocol.org/documents/1349/FIXFpML%20Proposal.doc

I saw somebody use FpML in EncodedSecurityDesc to describe this kind
of product. I don’t konw how to use FIX protocol to implement it.
Anybody has idea for that? THanks

6

[ original email was from Robert Stowsky - rstowsky@brookpath.com ]
We will shortly be sending out a new call for participation for the FIX-FpML Collaboration WG. In regards to using FIX for OTC Derivatives, using FpML within the FIX message as described in the document to which Dean provided the link is the recommended practice and has gained acceptance in the industry.

Regards,

Robert Stowsky
Co-Chair FPL Global Derivatives Technical Subcommittee

No - many IRS trade elements are not defined in FIX, and user-defined
fields could be added to accommodate them. But using FpML to document an
IRS trade over FIX leverages two mature, widely-used standards and will
engage you and your counterparties in the document technology ultimately
required for downstream reporting, e.g. DerivSERV, Swaps Wire and market
participants already eTrading derivatives.

Does it mean if we want to describe Interest Rate Swap product, we
must use FpML in FIX protocol?

Hello Tony, The proposal and examples can be found at this link:

http://fixprotocol.org/documents/1349/FIXFpML%20Proposal.doc

I saw somebody use FpML in EncodedSecurityDesc to describe this
kind of product. I don’t konw how to use FIX protocol to implement
it. Anybody has idea for that? THanks

7

[ original email was from andrew van Osch - andrew.vanosch@investecmail.com ]
I see that the discussion is all post trade, what about pre-execution? has there been any thought as to how FIX or FPML can facilitate pre-execution trading of SWAPS and OTC’s?

We will shortly be sending out a new call for participation for the FIX-
FpML Collaboration WG. In regards to using FIX for OTC Derivatives,
using FpML within the FIX message as described in the document to which
Dean provided the link is the recommended practice and has gained
acceptance in the industry.

Regards,

Robert Stowsky Co-Chair FPL Global Derivatives Technical Subcommittee

No - many IRS trade elements are not defined in FIX, and user-defined
fields could be added to accommodate them. But using FpML to document
an IRS trade over FIX leverages two mature, widely-used standards and
will engage you and your counterparties in the document technology
ultimately required for downstream reporting, e.g. DerivSERV, Swaps
Wire and market participants already eTrading derivatives.

Does it mean if we want to describe Interest Rate Swap product, we
must use FpML in FIX protocol?

Hello Tony, The proposal and examples can be found at this link:

http://fixprotocol.org/documents/1349/FIXFpML%20Proposal.doc

I saw somebody use FpML in EncodedSecurityDesc to describe this
kind of product. I don’t konw how to use FIX protocol to
implement
it. Anybody has idea for that? THanks