STPML: Straight Through Processing Markup Language
Focus: Straight Through Processing
DTD or Schema: Schemas for STPML are available for download in both XSD and XDR format.
Website: www.stpml.org
Contact: ideas@stpml.org
Founding & Key Members:
- Microsoft
- Merrill Lynch
- FIX
- Bridge
- NASD
- Financial Models Company (FMC)
- CSS
- Infinity
- ILX
- Reuters
Organization: Not available.
Background: STPML was conceived as a superset standard able to support other standards of data exchange within the securities trading industry for straight through processing. It focuses on the process from Indications of Interest (IOIs) to settlement.
The standards that it supports include:
- FIX
- Swift
- ISITC
- Depository Trust Company’s Institutional Delivery (DTC ID)
The STPML specification was been created by FMC with input from Bridge, Infinity and Microsoft.
STPML was initially developed by the DNAfs (Windows Distributed Internetworking Architecture for Financial Services) steering committee, which consisted of representatives including: Microsoft, FIX, Merrill Lynch, NASD, Reuters, Bridge, ILX, Infinity, and the Financial Models Company (FMC).
The idea was that DNAfs would address the problem of over-lapping industry standards, such as Swift and FIX. With this aim in mind, DNAfs first demonstrated an entirely automated trade cycle using XML-based straight through processing at the Securities Industry Association show in 1999.
The basis for the set of messages defined by STPML comes from the model of a full trade cycle from the Global Straight Through Processing Association (GSTPA), which was created by Swift. This basis was then expanded to handle other common transaction messages and messages for exchanging market data, based on the then Market Data Markup Language (MDML) created by Bridge and Microsoft.
With the development of FIXML, it is looking increasingly like STPML will ultimately merge into the FIXML standard. It has already been adopted as a candidate for the next FIXML version.
The GSTPA also has its own XML initiative for straight through processing, but more focused on the post trade and pre-settlement space. Industry observers believe that both protocols may be able to work together in the future as both use the same Swift 15022 data dictionary.