Blog Listing

Universal Trade Reporting Adapter – an FpML Transformation Project

To offer a truly global trade reporting service, the client [a leading TR] chose to offer an FpML interface in addition to CSV and FixML API’s.

The Challenge

With Canada Trade Reporting going live, time-to-market was key for this client, who wanted to roll out their new capability in time for mandated reporting.

Risk Focus encountered numerous challenges addressing this project. Firstly, the client was heavily engaged on their own delivery stream and could not afford to ‘baby sit’ their delivery partner.

Secondly, Risk Focus was provided with the core interface specifications for the existing service and had limited access to a senior analyst. While this left many questions unanswered, Risk Focus succeeded due to the team’s unparalleled domain expertise.

Finally, the project was ‘fixed priced’, leaving absolutely no room for error.

The Delivery

Like many integration problems, the most significant element of this project was data mapping. Risk Focus was able to leverage established IP in the form of its “FpML Flatteners” to accelerate the mapping process. By transforming every target FpML message from the ISDA reporting and record-keeping specification into a flat structure, the data could then be trivially mapped to the client specification.

Even with these “accelerators,” Risk Focus faced a significant task, as the client supports all asset classes and wanted to ensure a complete set of trade reporting flows. Risk Focus Business Analysts dedicated intensive resources to map and test all the data points, completing the mapping project for all jurisdictions and asset classes through several phases.

In parallel, the Risk Focus development team, also armed with accelerators – this time in the form of Spring® Integration, a go-to open source framework for enterprise application integration – set to work on the lightweight services that would facilitate the various adapters to any current or future input format and provide the integration engine to the client’s infrastructure.

This critical Risk Focus engine supports multiple inbound transports (sFTP, JMS, HTTPS), executing basic transformation, as well as some level of data enrichment, through direct integration with the client’s internal infrastructure. The enriched message is then routed to the appropriate trade repository.

Risk Focus always provides transparency to its client solutions. Whether custom or packaged, the long-term supportability of software delivered to clients is a primary concern. It was decided early in the project that using a traditional RDBMS to persist state and events for tracking and monitoring was unnecessary and expensive – Splunk® was a much better option.

Risk Focus took the time to architect solution logs to ensure the capture of all the data relevant to the behavior and health of the platform. These logs were then ingested and indexed by Splunk®. The construction of monitoring dashboards allowed the client to track the client flows and analyze and diagnose exceptions.

The Result

The client, with the expert help of Risk Focus, can now offer clients an FpML trade reporting interface, reducing the integration overhead for those clients who have made an investment in FpML.

Risk Focus exceeded client expectations. All phases were delivered on time and met predetermined requirements. The client is now able to support the infrastructure internally due to its open and transparent architecture.


Click here to contact us.