CollabNet Inc. Monday announced that it is providing its collaborative software development environment to International Swaps and Derivatives Association Inc. for collaborative development of the Financial products Markup Language, or FpML.
Brisbane, Calif.-based CollabNet is providing its SourceCast collaborative software development platform to ISDA to enable FpML standard developers to work in different locations and, via the Web, maintain one place for communicating and maintaining information about development projects.
FpML is based on XML and establishes the industry protocol for sharing information on, and dealing in, complex financial products over the Internet, ISDA officials said.
ISDA is a trade association, based in New York, made up of institutions involved in the derivatives industry.
"Using SourceCast allows FpML to coordinate the activities of its working groups, which address different portions of the standard," Robert Pickel, executive director and CEO of the ISDA, said in a statement. "SourceCast is a useful tool in the evolution of FpML and has helped FpML refine its internal processes, making them more visible to participants. FpML participants now have greater insight into the work of other participants and can better focus on the overall development of the standard."
Pickel said that after FpML becomes a formal standard, ISDA members will be able to use SourceCast for collaborative development of FpML-based applications.