OTC Derivatives STP
Regulatory pressures in the derivatives market including automation commitments made to the Federal Reserve are requiring your IT systems to support industry standards such as FpML and various dialects such as DTCC Deriv/SERV, Markit Wire, and SWIFTNet FpML. As firms improve straight-through processing (STP) rates through end-to-end application integration, the problem of managing diverse and constantly changing data models has emerged.
Progress' OTC Derivatives STP solution, powered by our data interoperability products, significantly reduces operational risks and costs by providing financial messaging data interoperability tools with pre-built and maintained FpML libraries for OTC derivatives process automation. Rather than dealing with the costs and project delays of analyzing standards specifications and hand-coding FpML syntax and semantics, the OTC Derivatives STP solution gives you model-driven tools and rich FpML data models with lifecycle management facilities.The solution provides “out of the box” high performance FpML data validation addressing the challenges of today's highly regulated financial services environment.
Here's an overview of what Progress OTC Derivatives STP can help you achieve:
- Complete messaging projects on schedule. Using model-driven tools and pre-built FpML data models, your team can eliminate the inefficiencies of hand-coding FpML messages, validation rules and test cases.
- Streamline FpML updates. As FpML formats change frequently, a technology investment today brings significant savings with each new release. Change management is simplified when you in-source FpML updates from Progress.
- Reduce risks and costs associated with failed transactions. When you have higher rates of automation and vastly improved data quality, the errors are vastly reduced.
- Create a common framework for FpML data model management. Gain further efficiencies by standardizing on a department or company-wide data model
