FpML 4.x FpML 5

10 message types:◦ ContractCreated◦ ContractCancelled◦ ContractIncreased◦ ContractIncreasedCancelled◦ ContractPartialTermination◦ ContractPartialTerminationCancelled◦ ContractFullTermination◦ ContractFullTerminationCancelled◦ ContractNovated◦ ContractNovatedCancelled

New messages proposed for:◦ Amendments◦ Non-negotiated changes

Full terminations not used by CUG

Based on ‘Contract’ payload

Messages proposed for each of the same operations◦ Except full and partial

terminations combined into one message

Includes amendments and non-negotiated changes

Based on ‘Trade’ payload◦ Consistent with other

business process (i.e. Confirmation)

FpML 4.x FpML 5

‘conversationId’ convention used to relate messages

Sequencing derived from contract identifier versions

Explicit ‘correlationId’ element used to relate messages◦ Could be populated with

value currently in the ‘conversationId’

Explicit ‘sequenceNo’ element◦ Could be populated from

identifier version number

FpML 4.x FpML 5

Corrections handled by resending same message type with later version

Every message type has a ‘cancel’ message to retract◦ Naming of

ContractCreated and ContractCancelled inconsistent with other messages

Corrections use same message type as original but later sequence number◦ isCorrection element

indicates a correction Every operation has a

consistently named retraction message

All the features of contract can be mapped to trade◦ See paper for details

No additional information is required◦ Could use XSLT to map from one to the other

FpML 4.x FpML 5

Contract Notifications have no response messages◦ Can’t indicate success or

failure◦ SWIFT network can only

provide delivery receipt

New messages have both negative and positive responses◦ Could be omitted by

implementers if necessary