Integral Corp., a developer of risk management software, has released FinXML, an extensible markup language for capital markets.
Chase Manhattan Bank and Sun Microsystems Inc. are behind FinXML, which supports a standard way of communicating capital markets information over the Internet. Integral also is forming a consortium to promote industrywide adoption of FinXML, which is freely available to the public.
J.P. Morgan & Co. recently announced development of another extensible markup language for the capital markets called FPML. It was created with Pricewaterhouse Coopers and is supported by International Business Machines Corp.
An Integral spokesman said FinXML will be compatible with all existing standards.
Both Integral's and J.P. Morgan's XML standards will bring the trading industry closer to adoption of browser-based technology, said Harpal Sandhu, a founder and chief executive officer of Integral, as well as a previous employee of J.P. Morgan and a former founder of the risk software house Infinity, which is now a subsidiary of Wayne, Pa.-based SunGard Data Systems.