5 July 2002: Ironbark Releases Visual Development Tool for FpML

Ironbark has introduced a suite of visual development tools that allow users to analyze complex trading scenarios without having to write any code. The product suite – Visual FpML – makes use of the Financial Products Markup Language (FpML) schema running in the Microsoft.Net environment.

The new software allows users to assemble trading and risk management scenarios on a so-called design surface, drawing on libraries and stand-alone executable files. The software is compatible with the International Swaps and Derivatives Association’s latest release of the FpML protocol, which is used in the BlackBird and SwapsWire electronic trading platforms.

Instead of coding, developers can piece together complex structures from a set of financial building blocks based on the FpML model.

Unlike the equities market, which has already migrated to electronic trading with the FIX protocol, the OTC derivatives markets still rely on fax and telephone. In the UK, the annual cost of processing these transactions is in excess of $2 billion, with over $400 million coming from back office costs alone.

Ironbark is a member of ISDA’s FpML Architecture Working Group. The company specializes in software and consulting services for implementing the FpML protocol at banks, brokers and corporate treasuries.