Integral, a provider of trading and risk management software, is trying to make its newly developed FinXML protocol the de facto capital markets standard.
FinXML, which is based on definitions from the International Swaps and Derivatives Association Inc., would, if adopted, bring the same consistency to capital markets transactions that the Fix and Swift protocols bring to the equity and funds-transfer markets.
FinXML would provide users and vendors with a common language so they can easily integrate capital markets systems and inter-bank electronic communication, said Harpal Sandhu, chief executive officer and co-founder of Integral. Mr. Sandhu also co-founded Infinity, now SunGard Data Systems' subsidiary.
Specific FinXML applications are being created in risk management, straight-through processing, and electronic settlement.
Executives of the company, founded in 1993, have held posts with the National Aeronautics and Space Administration, top-tier investment banks such as Morgan Stanley and J.P. Morgan, and various trading and risk software houses. Integral's clients include Citibank, J.P. Morgan, and Merrill Lynch.