MOND FIX - FPML Semantic Repository

FIX - FPML Semantic Repository for Financial Services Industry

MOND FIX - FPML Semantic Framework

Financial Services industry, particularly the Securities and Capital Markets companies have made good progress in information exchange in as much as most of the information exchange between the clients and the counterparties is done electronically in real-time. The financial institutions use different message standards like SWIFT, FiX, FpML, XBRL. However, each of these standards caters to specific phases / domains of the Securities transaction life cycle. For example FIX standards are mainly used for pre-trade information exchange for equities, bonds, foreign exchange, derivatives. Swift standard is exhaustively used as a back office messaging standard for settlement, corporate actions and fund transfers by banks, brokers / dealers and investment managers. FPML is widely used for electronic dealing and processing of OTC derivatives. XBRL is the global standard for digital reporting. XBRL provides a platform for communicating financial data between companies, regulators, banks and other external parties.

The availability of different message standards for different phases of the securities transaction life cycle and the fact that different participants in the securities transaction life cycle are using different message standards, some by their preference and some driven by the systems they use, establishes the need for “interoperability” between these message standards.

MOND provides a semantic repository for FIX and FPML messages and omni directional transformation between these messages. The MOND semantic transformation technology separates Business logic from the message format for building transformation. The data format is hidden or encapsulated from the programmer, resulting in an Omni-directional data transformation capability.

MOND Semantic Transformation Benefits

  • Transformations can be built by programmers or analysts. Dramatic improvement in developer's productivity.
  • Higher Data Quality, as correct XML will be generated irrespective of the order in which the fields are set.
  • Codeless conversion from FIX to FpML and vice versa for 80% of the fields.
  • Business validation rules can be created by analysts, without worrying about FIX or FPML tags.
  • Easier migration from one version to another. No server restart required when migrating from one message version to another.
  • Easier migration from one standard to another. (Say FpML 4.4 to 5.0 or 5.6, Fix 4.0 to 4.1 or 4.2 or 4.3 or 4.4 or 5.0).
  • Easy to understand and maintain.
  • Enables field level testing and comparison of messages as against binary text comparison which is vital in regression testing of data integrations.
  • Reduced costs, higher efficiency and quality of output.

Migration from one version to a higher version of document standards

Messaging standards are continuously evolving to support the ever changing business needs in the financial services industry. For ex. There have been several versions of the FiX and FpML standards over 14 years not counting the minor releases and fixes. Organizations have to adopt newer versions of the messages as frequently as once in two years depending on their growing messaging needs. However, experience shows that migration from one version to a higher version is a painful and time consuming exercise involving rewrite of message transformations and regression testing the applications.

MOND has rendered migration from one version to a higher a trivial exercise, by its semantic transformation technology. The separation of document structures from mapping logic simplifies the whole migration by eliminating the need to rewrite the mapping logic. Just by changing the target document type to a higher version of the message for a transformation map, the message can be generated in the newer format. The only changes that would be required in the mapping logic are to map any new fields that are added to the higher version of the document.

Migration from one document standard to another or adopting an additional standard

Similarly, MOND reduces the time and effort to migrate to newer document standards or to adopt additional document standard. The transformation maps for producing a particular business message in the existing document standard can work for the new document standard also. However, mapping logic has to be changed for those fields where the Code list values vary between each document standard. For ex. the Product type code list may vary in different FiX versions. Hence, for mapping the Product type field, a separate code list has to be invoked within the mapping logic. The extent of changes / effort can be minimised so long as proper Business Terms are associated for the fields in both the document standards from out of the Business Terms dictionary maintained on MOND.

MOND for testing

More often than not, Organizations in the Financial Services industry are encountered with the task of upgrading their systems. For successful system upgrades, regression testing plays a very crucial role. MOND provides a standalone Testing module, first of its kind, suitable for B2B message testing and comparison. For regression testing, comparison of business messages generated post migration with the business messages generated prior to migration is essential and file comparison tools grossly fall short of being able to do field level comparisons in messages. Even most of the testing tools incorporate plain file comparison utilities and so are unsuitable for business message testing. Further, the notion of a field itself is different in different document standards, for ex. a field in an XML is an xml element, a field in a CSV is a token embedded between 2 delimiters and a field in XLs is a column.

MOND is an industry first product to provide field level testing and comparison capability across all these different document standards. Again there are requirements in migration testing where tolerances have to be defined for selective numeric fields like difference between the values of a field should be 0.005% between the pre-migration and post-migration message. Leaving all the tools much behind, MOND also provides capability wherein users can define Test cases with tolerances for selective fields. While comparing the files, MOND will check if the value in the post-migration message is within the tolerances set for the respective fields in the pre-migration message. Fields where the values are not matching are highlighted in red.

Sample Message Catalogue

  • FIX - Infrastructure messages

    Includes ApplicationMessageRequest, ApplicationMessageRequestAck, ApplicationMessageReport, BusinessMessageReject, NetworkCounterpartySystemStatusRequest, NetworkCounterpartySystemStatusResponse, UserRequest, UserResponse, UserNotification

  • FIX - Post trade messages

    Includes AllocationReport, AllocationReportAck, AllocationInstructionAlert, AllocationInstruction, AllocationInstructionAck, CollateralRequest, CollateralAssignment, CollateralResponse, CollateralReport, CollateralInquiry, CollateralInquiryAck, Confirmation, ConfirmationAck, ConfirmationRequest, PositionMaintenanceRequest, PositionMaintenanceReport, RequestForPositions, RequestForPositionsAck, PositionReport, AssignmentReport, AdjustedPositionReport, ContraryIntentionReport, RegistrationInstructions, RegistrationInstructionsResponse, SettlementInstructionRequest, SettlementObligationReport, SettlementInstructions, TradeCaptureReportRequest, TradeCaptureReport, TradeCaptureReportRequestAck, TradeCaptureReportAck

  • FIX - Pre trade messages

    Includes StreamAssignmentRequest, StreamAssignmentReport, StreamAssignmentReportACK, MarketDataRequest, MarketDataSnapshotFullRefresh, MarketDataIncrementalRefresh, MarketDataRequestReject, TradingSessionListRequest, TradingSessionList, TradingSessionListUpdateReport, MarketDefinitionRequest, MarketDefinition, MarketDefinitionUpdateReport, TradingSessionStatusRequest, TradingSessionStatus, QuoteRequestReject, RFQRequest, QuoteStatusReport, QuoteResponse, QuoteRequest, Quote, QuoteCancel, QuoteStatusRequest, MassQuoteAcknowledgement, MassQuote, DerivativeSecurityList, SecurityListUpdateReport, SecurityDefinitionUpdateReport, DerivativeSecurityListUpdateReport, SecurityDefinitionRequest, SecurityDefinition, SecurityStatusRequest, SecurityStatus, SecurityTypeRequest, SecurityTypes, SecurityListRequest, SecurityList, DerivativeSecurityListRequest

  • FIX - Trade messages

    Includes NewOrderCross, CrossOrderCancelReplaceRequest, CrossOrderCancelRequest, NewOrderMultileg, MultilegOrderCancelReplace, OrderMassStatusRequest, OrderMassActionReport, OrderMassActionRequest, OrderMassCancelRequest, OrderMassCancelReport, NewOrderList, ListCancelRequest, ListExecute, ListStatusRequest, ListStatus, BidRequest, BidResponse, ListStrikePrice, ExecutionReport, OrderCancelReject, ExecutionAcknowledgement, NewOrderSingle, OrderCancelRequest, OrderCancelReplaceRequest, OrderStatusRequest, DontKnowTrade

  • FpML - Allocation messages

    Includes requestAllocation, requestAllocationRetracted, allocationAcknowledgement, allocationException, allocationRefused, allocationApproved

  • FpML - Clearing messages

    Includes requestClearing, requestClearingRetracted, clearingAcknowledgement, clearingException, clearingRefused, clearingStatus, clearingConfirmed

  • FpML - Confirmation messages

    Includes requestConfirmation, requestConfirmationRetracted, confirmationAcknowledgement, confirmationException, confirmationStatus, confirmationAgreed, confirmationDisputed

  • FpML - Consent messages

    Includes requestConsent, requestConsentRetracted, consentAcknowledgement, consentException, consentGranted, consentRefused

  • FpML - Execution messages

    Includes requestExecution, requestExecutionRetracted, executionAcknowledgement, executionException, executionNotification, executionRetracted

  • FpML - Execution Advice messages

    Includes executionAdvice, executionAdviceRetracted, executionAdviceAck, executionAdviceException

  • FpML - Clearing Eligibility messages

    Includes requestClearingEligibility, clearingEligibility, clearingEligibilityAcknowledgement, clearingEligibilityException

  • FpML - Trade Change Advice messages

    Includes tradeChangeAdvice, tradeChangeAdviceRetracted, tradeChangeAdviceAck, tradeChangeAdviceException

  • FpML - Maturity messages

    Includes maturityNotification, maturityAcknowledgement, maturityException

  • Don't see your message here?

    Please contact MOND Support. The MOND Semantic Repository is constantly being updated. Our Domain experts can add new messages in days.