I am asked to map financial products into XML. It can be in any format. I know there is an open specification FPML. Is that worth to adopt FPML rather than my own standards? Also, how common FPML is in the industry?
we used fpml all the time in morgan. Of course its not surprising given their involvment in it.
Quite common - such products as Calypso and Murex use their own derivations of FpML: CalypsoMl and MxML respectively.
$\begingroup$ I'd agree with quite common. In addition: I personally find that FpML and CalypsoML differ quite substantially in a number of design decisions, so I probably wouldn't call CalypsoML a "derivation" of FpML. I could imagine that mapping between the two can be quite a pain. $\endgroup$ Dec 2, 2011 at 8:52
Be prepared to extend any specification you will use.