Top Financial Firms Architecting with XML

Found this item on Robin Cover’s must-read XML.org Daily Newslink. Last month, Reuters unveiled a new XML-based secure trade notification system that enables financial institutions to manage their trading capital and risk exposures better as well as improve operational efficiency. Reuters’ service, already selected by Lehman Brothers, offers a trade messaging hub to make a variety of financial integrations easier and cheaper. At its core, Reuters Trade Notification Service (RTNS) is a trade messaging hub that facilitates the electronic transfer of all trade related messages. The service is already operational and is undergoing a controlled introduction. RTNS will initially focus on trade affirmation and confirmation, and will be expanded to cover allocation and settlement instructions, amongst others. The service will support industry standard message formats such as FIX, FPML, as well as FIX and TWIST. FpML provides an overall template for execs in other vertical industries how they might map XML (schema and transmission) concerns to their needs for dataflow, business rules and access control. The FpML standard, which is freely licensed under the FpML public license, is intended to automate the flow of information across the entire derivatives partner and client network, independent of the underlying software or hardware infrastructure supporting the activities related to these transactions.

Links of interest:

XML Beans: The Best of Both Worlds

BEA’s dev2dev site has an article titled XML Beans: The Best of Both Worlds on their cover page. XMLBeans is a pretty interesting technology from BEA that provides easy navigation of XML data using cursors or XQuery statements. In addition, Java classes representing the XML document is automatically generated based on the XML Schema provided. These generated Java classes enable easy read/write access to XML information and enforce XML Schema constraints. Pretty neat idea and it’s fast. And the support for XML Schema is pretty nice.

This brings up an issue as Sun has been pushing JAXB as the standard API/tool that automates the mapping between XML documents and Java objects. Will these 2 products directly compete or will BEA support JAXB completely in their product line? BEA has typically had a really good record of supporting and leading the charge on creation of new standards via. the JCP. Hitesh Seth, the author talks about it in his article and I second his hope that these initiatives converge at some point. ok.. Now back to Hibernate 🙂