1. Choreography Proposal
FpML Standards Committee Off Site
21 June 2006
Andrew Parry
JP Morgan
Steve Ross-Talbot
Pi4Tech

2. Agenda What is a Choreography ? Why do we need one ?
Supporting Features
Choreography Definition
Using the Definition
Next Steps
Appendix : References, Contact Details
The key points I want to cover are:
Kick off with a brief description of IBML and why converging on a standard way to exchange data between our applications is a valuable thing to do
Go on to talk about what IBML really consists of and give a very high level idea of how it would be used
Then going to speak briefly about how IBML relates to the various industry initiatives to standardise messaging
Finally I’ll wrap up with how IBML will evolve and be managed over time
Going to try and leave at least 30 mins at the end to take questions

3. What is a Choreography ? Key Facts
It is a formal global specification of how a business process should be conducted
This specification may be used for implementation and documentation
Formal Statement
“The Web Services Choreography Description Language (WS-CDL) is an XML-based language that describes peer-to-peer collaborations of participants by defining, from a global viewpoint, their common and complementary observable behaviour; where ordered message exchanges result in accomplishing a common business goal”
W3C Candidate Recommendation 9 November 2005

4. Why do we need one ?
Natural path of evolution in our industry as supported by ISDA/FpML
Non standard hardcopy document, explicit process “fax confirmation”
ISDA hardcopy documents, explicit process “fax standard confirmation”
ISDA/FpML electronic data documents, implicit process “data bucket”
ISDA/FpML standard messages, implicit process
Implicit process results from the lack of formal specification, where we rely on each user to make an educated guess about how messages should be used, which will vary
For example should I allow a trade to be amended before it has been confirmed ?
We now need to formally specify how the standard messages should be passed around amongst the participants in a standard business process
ISDA/FpML standard process, using standard messages “explicit content, explicit process”

5. Supporting Features
In order to support the implementation of a Choreography two sets of supporting features have been added, in a way that is fully backward compatible with FpML-4-2
Version Support
In order to make the version of a trade un ambiguous, optional version support has been added to trade identifier, which allows each party to assign there own version of a trade
Exceptions
When writing a Choreography, we need to handle Business Exceptions in a way that relates to the Business Process, such as “TradeCreatedException” when a system has received “TradeCreated” but is unable to create the trade as instructed

6. Choreography Definition

7. Using the Definition
Only the Allocation Created part of the Definition has been shown on the previous page
The full Definition may be
Viewed and changed in an open source editor
Used to generate HTML documentation
Used to generate code stubs
This is particularly attractive since the same Definition may be used from the point of analysis, right through to the point of code generation, which ensures correct implementation of the specification by all parties involved in the business process, regardless of the implementation technologies chosen by each party

8. Next Steps
We are already using Choreography within JP Morgan, both for internal systems, and going out to service providers such as DTCC, and see this as a natural extension to ISDA/FpML
We wish to review this proposal with all interested parties, and work towards adoption of Choreography in FpML-4-3, which will accelerate the evolution of Electronic Trading

9. Appendix References Web Services Choreography Description Language
Open Source CDL Editor
Contact Detail
Andrew Parry
Steve Ross-Talbot