Consulting

As specialists in the use and customisation of data standards across capital markets and global payments, we enhance and customize your data and validate its quality.

TradeHeader’s offering in the area of financial data standards spans consulting, DevOps, and training. We have extensive expertise in OTC (over-the-counter) derivatives products and in messaging standards such as FpML, CDM, FIX Protocol, and ISO 20022. We don’t just know these standards – we are closely involved in their design, their evolution and their stewardship.

TradeHeader’s clients include central banks, investment banks, asset managers, custodians, exchanges, service providers, and technology companies. Our bespoke solutions have included:

• The analysis, implementation, and testing of the Digital Regulatory Reporting (DRR) project using CDM. DRR is the coding of regulatory rules for CFTC rewrite and EMIR in CDM. The rules are coded and the functional logic of each rule is implemented and distributed in multiple programming languages in an open source license.

• Business analysis and mapping between MT and ISO 20022, including multiple jurisdictions, cross-border payments, ESMIG, EBA Clearing.
  
  
• The creation of an Islamic Financial Products Data Standard based on FpML and CDM. Leverages the Shari’ah-compliant legal standardization work led by IIFM and ISDA.
  
  
• Digitization of derivatives legal documents, including the 2021 ISDA Interest Rate Definitions, the 2002 ISDA Master Agreement, and more. This project included the transformation of a number of ISDA legal documents in DITA XML format and the storage in a Central Content Management System. We also developed a web service API to extract and publish relevant reference data used by trading systems.
  
  
• The development of an internal messaging standard extending FIX/FIXML, FpML and ISO20022 for a global investment bank. We created a messaging model for multiple projects within the bank including: Dodd-Frank and EMIR reporting; a new electronic trading platform; an internal trade repository; reference data and market data; and real-time credit limit checking; payments.
  
  
• Training and consulting around the development of a new FpML-based trade repository and reporting service in Hong Kong. This project included a review of the repository’s design and functionality; product data representation; reporting specification via CSV and FpML; the creation of testing scenarios and test data. We also provided FpML training for the development team.
  
  
• Regulatory-related analysis of trade repositories and data reporting for CFTC, EMIR, SFTR, HKMA.
  
  

Additional consultancy projects and initiatives with a messaging component undertaken by TradeHeader include:

• Internal format conversion from proprietary formats to ISO 20022 payment messages
  
  
• Development of messaging specifications
  
  
• XML Schema development, including the creation of extensions which follow the standards’ architectural guidelines
  
  
• Definition and implementation of business validation rules
  
  
• Creation of scenarios for system testing
  
  
• Advising on OTC derivatives trade repositories

• Data mapping between front-office and back-office systems (Murex, Kondor+, OPICS, Calypso, Scrittura)
  
  
• Representation of complex structured products for internal messaging
  
  
• Data integration with DTCC and MarkitSERV
  
  
• Development of templates to facilitate the population of a fully compliant FpML message which identified the required, defaulted, and derived fields
  
  
• Standards compliance analysis
  
  
• Mapping from FpML to ISO 20022 for EMIR regulatory reporting.