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Development of the OTC transaction clearing system

KDPW_CCP is running a project aiming to offer new communication solutions to KDPW_CCP participants, including preparation for the implementation of state-of-the-art solutions giving participants access to dedicated system components via the website interface – the KDPW Group Service Portal and the exchange of FpML messages. According to preliminary assumptions, FpML messages will be used in kdpw_otc to report the status of transactions accepted for clearing, includingthe confirmation or rejection of clearing; the FpML standard is not expected to be used in the following processes: account management, participation management, fees, cash settlement, guarantee fund processing (the FpML standard provides communication solutions which support the exchange of data concerning collateral management; however, our analysis suggests that ISO 20022 offers messages which are a better match for KDPW_CCP requirements in this area). To develop applications of the new communication standard, KDPW_CCP will invite participants to co-operate in a working group yet to be established. The project will improve the quality of provided clearing services (standard messages, speed of response) and enhance the effectiveness and flexibility of clearing service solutions. At the same time, many practical functionalities will be launched in parallel over the website graphic user interface.

Rules for data exchange using the FpML standard for OTC derivatives