Purpose

One of the beauties of XML – and thus of FpML – is that it is transport-independent. With the widespread availability of technologies such as application servers and web services, it is quite straightforward to implement a messaging capability for XML. However, to implement a real messaging capability between firms (or even within firms) requires agreement on how actually to deliver the messages. GemSync provides a community source implementation of this messaging capability that provides a high degree of confidence that messages will be able to be transmitted between members’ server computers.

Description

GemSync provides a standard XML over HTTPS transmission capability using SOAP and WSDL. The GemSync server also has interfaces to common messaging transports such as JMS for communicating within a firm over standard messaging technologies (e.g. IBM MQSeries, BEA JMS services, etc.), and in the future to the FIX session layer.

GemSync also provides freely-distributable client examples and libraries for a variety of platforms and technologies, including:

• Java (jar file)
• Excel (sample sheets and add-in)
• Web browsers (using HTML, Javascript, and XSL).

Planned Features

• Compatible with FpML messaging specification
• Leverages industry standard transports, including:
SOAP over HTTPS JMS FIX
• Compatible with a variety of application servers, as demand requires
• Supports several security models, including
• Username/password
• Client-side certificates
• Provides a configurable message processing workflow using XML, to guide message processing routing
• Configurable message logging.
• Optional Quality of Service (QoS) features … heart-beating, guaranteed message delivery.
• Provides tested FpML requests as well as FpML submission functions.
• Feature list/priority subject to change based on member input.

Quality Assurance

For each feature, a set of automated scenarios will be developed based on the client sample applications/libraries. The scenarios will include successful flows as well as alternate (exception) flows. An automated regression suite will be developed based on these drivers. As problems are discovered or new features are added, these will be added to the testing suite.

Applications

• Client deal/portfolio query functions
• Providing Matching and portfolio reconciliation services
• Client termsheet/deal affirmation download
• RFQs
• Valuation reports
• Broker feeds
• Trade negotiation/RFQ

Status and Plan

• Currently in planning and requirements definition
• Prototyping expected to begin Q4 2003.