PolarLake announced Thursday ‘out-of-the-box’ support for Financial Products Markup Language (FpML) version 4.1, the International Swaps and Derivatives Association’s standard for the electronic dealing and processing of financial derivatives instruments.
PolarLake Integration Suite is a standards-based solution for the delivery of enterprise integration based on the ESB architecture. By adding support for FpML 4.1, the product suite is now able to handle the most complex XML schemas in order to meet the real-world requirements off financial services organizations.
“Our support for FpML 4.1 underlines our commitment to solving complex customer issues, and specifically those within the financial services industry,” said Ronan Bradley, chief executive officer of PolarLake. “Processing FpML 4.1 requires support for a number of sophisticated data structures.”
“PolarLake is the only integration product on the market able to support this key data format, and thus the only product suitable for the delivery of integration solutions incorporating FpML,” Bradley said.
FpML 4.1 provides a protocol for sharing information on, and dealing in swaps, derivatives and structured products. It provides a means to exchange descriptions of complex trades between financial institutions, and internally in STP flows, and thus enables the rapid settlement of these trades – reducing error rates, minimizing rebooking, and driving down the costs associated with derivatives trading.