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.
Be prepared to extend any specification you will use.