ofmp/index.php - www.eclipse.org/proposals - Git at Google


            
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            <p>


            <h1>Open Financial Market Platform</h1>


            <h2>Introduction</h2>


            <p>Kaupthing Bank Luxembourg, in co-operation with Weigle Wilczek GmbH, is proud to propose the Eclipse Open Financial Market Platform Project as an open

            
            source project under the <a href="http://www.eclipse.org/technology">Eclipse Technology Project</a>.<br /><br />

            
            This proposal:

            
            </p>

            
            <ul>

            
              <li>is in the Project Proposal Phase (as defined in the <a href="http://www.eclipse.org/projects/dev_process">Eclipse Development

            
                  Process document</a>) and is written to declare its intent and scope.</li>

            
              <li>is written to solicit additional participation and input from the Eclipse community.</li>

            
            </ul>

            
            <p>The <a href="http://www.eclipse.org/proposals/eclipse-ohf">Eclipse Open Healthcare Framework proposal</a> has been used as a basis for this proposal.</p>

            
            <p>You are invited to comment on and/or join this project. Please send all feedback to the

            
            <a href="http://www.eclipse.org/newsportal/thread.php?group=eclipse.technology.ofmp">http://www.eclipse.org/newsportal/thread.php?group=eclipse.technology.ofmp</a> newsgroup.</p>

            
            <h2>Overview</h2>

            
            <p>

            
              The goal of the Open Financial Market Platform (OFMP) is to extend the Eclipse

            
              Platform to create an open-source platform for interoperable,

            
              extensible financial market systems based on Equinox, Eclipse's OSGi

            
              framework. OFMP targets on tools and components for middle-office Financial

            
              Markets applications for the banking industry. OFMP will open-source

            
              field-tested components from a bank's production environment connecting to

            
              common back-office and front-office systems.

            
            </p>


            <p>This <b>Open Financial Market Platform </b>proposal might lead to more generic projects,

            
            such as an Open Banking &amp; Finance Framework.</p>


            <p>

            
            The Open Financial Market Platform will develop infrastructure, tools,

            
            components, and services to support development of both client and server

            
            applications. Client development will be based on Eclipse RCP and server

            
            components will be based on Equinox OSGi together with core Eclipse concepts

            
            such as plug-in based extensibility.

            
            </p>


            <p>

            
              The essential functional elements of OFMP V 1.0 are well understood by domain

            
              experts. While there is a significant engineering effort required, we feel

            
              that the work plan as proposed here can be implemented given sufficient

            
              resources, and does not involve an unrealistic level of technical risk.

            
              Consequently, we propose this project to be considered as an incubator within

            
              the Technology PMC.

            
            </p>


            <p>

            
              We are not aware of any other efforts to build a <b>open-source platform</b> for

            
              constructing financial applications. Consequently, we expect it will take both

            
              time and effort to grow an OFMP community within the finance industry. We are

            
              optimistic that within the first 6-12 months there will be a considerable

            
              growth in the team after successfully passing the Creation Review and being

            
              established as an Eclipse project. Our development plans are deliberately

            
              open-ended so that we can employ these additional resources effectively as

            
              they become available. If we are wrong in our optimism, our development plan

            
              can still succeed, but clearly will take longer to reach its goals.

            
            </p>


            <h2>Vision</h2>

            
            <p>

            
              Financial industry has experienced continuous <b>standardization</b> of its

            
              main products and methods since the early 90's.

            
            </p>

            
            <p>

            
              OFMP's goal is to respond to the increasing need of a vertical market

            
              <b>integration</b> within current existing financial software offerings.

            
              Several financial open source tools and mathematical libraries can benefit

            
              from this platform as an integration point.

            
            </p>

            
            <p>The <b>componentization</b> enables contributors to more

            
              easily build reusable financial business components and applications, using

            
              Eclipse's powerful component model and extension mechanisms in client-side as

            
              well as server-side environments through OSGi.

            
            </p>


            <h2>Scope</h2>


            <p>A lot of financial applications require a common set of services, for example:</p>

            
            <ul>

            
              <li>Business Date</li>

            
              <li>Calendars</li>

            
              <li>Counterparties</li>

            
              <li>Currencies</li>

            
              <li>Quotes</li>

            
              <li>Order Management processes</li>

            
              <li>Limits</li>

            
              <li>Exposures</li>

            
              <li>Market Data</li>

            
            </ul>


            <p>To assemble those services, several types of tools are required:</p>

            
            <ul>

            
              <li>Business Rules Engine</li>

            
              <li>Tools to integrate with data-oriented and service-oriented legacy EIS and external data source</li>

            
              <li>Reporting Infrastructure</li>

            
              <li>Background Job Scheduler</li>

            
              <li>Financial Mathematical Libraries</li>

            
              <li>Real time data Infrastructure</li>

            
              <li>Document Management System</li>

            
            </ul>

            
            <p>

            
              OFMP will provide a framework for implementing support for a broad range of

            
              financial instruments and financial algorithms/libraries, effectively

            
              combining live data with quantitative financial models. Specific tools and

            
              components for risk management can be easily integrated and will be provided

            
              as well.

            
            </p>

            
            <p>

            
              While providing field-tested components that connect to common financial

            
              systems in an extensible framework, the platform allows to integrate

            
              sophisticated methods from quantitative finance to observe, analyse and

            
              project data in a real life banking environment. Latest results from academic

            
              research can be more easily adopted while using this framework.

            
            </p>

            
            <p>

            
              We believe there is an opportunity to provide a common, vendor-neutral

            
              platform that includes generic components, integration mechanisms, supporting

            
              tools and workflows, together with a process for staged customization to meet

            
              national standards, allow differentiation of commercial products, and meet the

            
              requirements of financial organizations. As mentioned above, OFMP will only

            
              cover Financial Markets functionalities and will be established as a

            
              middle-office platform.

            
            </p>


            <h2>Functional Structure</h2>

            
            <p>Proposed functional structure is presented on the following diagram:</p>

            
            <div>

            
              <table style="height:74px; width:980px; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">

            
                <tbody>

            
                <tr>

            
                  <td style="width=100%;">

            
                    <div>

            
                      <table style="height:44px;width:970px;border-style: hidden">

            
                        <tbody>

            
                        <tr>

            
                          <td style="text-align:center;font-size:20px;width=50%;">&#8592; Technology oriented</td>

            
                          <td style="text-align:center;align:right;width:50%;font-size:20px">Business oriented &#8594;</td>

            
                        </tr>

            
                        </tbody>

            
                      </table>

            
                    </div>

            
                  </td>

            
                </tr>

            
                <tr>

            
                  <td style="border-style:solid; border-width:1px; border-color:black; width:50%;">

            
                    <div>

            
                      <table style="height:38px; width:970px; border-style: hidden">

            
                        <tbody>

            
                        <tr>

            
                          <td style="vertical-align:top;width:20%;">

            
                            <p><b>Common</b></p>

            
                            <ul>

            
                              <li>Background job scheduler</li>

            
                              <li>Business rules engine</li>

            
                              <li>Reporting infrastructure</li>

            
                              <li>Currency calendar</li>

            
                              <li>...</li>

            
                            </ul>

            
                          </td>

            
                          <td style="vertical-align:top;width:20%">

            
                            <p><b>Environment Definition</b></p>

            
                            <ul>

            
                              <li>Market data management</li>

            
                              <li>Counterparty management</li>

            
                              <li>Trading guidelines management</li>

            
                              <li>Trading books management</li>

            
                              <li>...</li>

            
                            </ul>

            
                          </td>

            
                          <td style="width:20%">

            
                            <p>

            
                              <b>Risk Controlling</b>

            
                            </p>

            
                            <ul>

            
                              <li>Real time position keeping</li>

            
                              <li>Intra-day risk management</li>

            
                              <li>Reconciliation process</li>

            
                              <li>Position mark to market</li>

            
                              <li>...</li>

            
                            </ul>

            
                            <p>

            
                              <b>Business Standard</b>

            
                            </p>

            
                            <ul>

            
                              <li>CLS Compliancy</li>

            
                              <li>P&amp;L Calculation</li>

            
                              <li>Order management</li>

            
                              <li>...</li>

            
                            </ul>

            
                          </td>

            
                          <td style="vertical-align:top;width:20%">

            
                            <p>

            
                              <b>Risk Management</b>

            
                            </p>

            
                            <ul>

            
                              <li>Market risk measurements</li>

            
                              <li>Derivatives instrument pricing</li>

            
                              <li>Stress testing</li>

            
                              <li>Monte Carlo methods</li>

            
                              <li>Simulations</li>

            
                              <li>...</li>

            
                            </ul>

            
                          </td>

            
                        </tr>

            
                        </tbody>

            
                      </table>

            
                    </div>

            
                  </td>

            
                </tr>

            
                </tbody>

            
              </table>

            
            </div>

            
            <p>These components can be used in applications that are supporting Money Markets, Capital Markets and Foreign Exchange activities.</p>

            
            <p>Though initially this structure is mainly focused on Financial Markets

            
            divisions, it can also be extended to cover other financial divisions like

            
            Accounting, Credit, Corporate, Insurance, Asset Management, etc.</p>


            <h2>Tentative Plan</h2>

            
            <p>

            
              2008-01 v0.1: Main Functional Business Components running on Eclipse OSGi server<br />

            
              2008-04 v0.2: Financial Mathematical libraries integration<br />

            
              2008-07 v0.5: Risk Models available and Risk Reporting deployed<br />

            
              2008-11 v1.0: Release 1.0 covering Financial Markets and Risk Management functionalities<br />

            
            </p>

            
            <p>As a further step the platform will be enriched by Risk Management components to evolve to a complete Risk Management Information System (MIS).</p>


            <h2>Liaison with Industry Standards Groups</h2>

            
            <ol>

            
              <li>

            
                The Financial Information eXchange (FIX) Protocol is a

            
                messaging standard developed specifically for the real-time electronic

            
                exchange of securities transactions. FIX is a public-domain specification

            
                owned and maintained by FIX Protocol, Ltd.<br />

            
                <a href="http://www.fixprotocol.org">www.fixprotocol.org</a>

            
              </li>

            
              <li>

            
                The Financial products Markup Language (FpML®) is the

            
                industry-standard XML protocol for complex financial products.<br />

            
                <a href="http://www.fpml.org">www.fpml.org</a>

            
              </li>

            
              <li>

            
                SWIFT messaging supplies secure, standardised messaging services and

            
                interface software to nearly 8100 financial institutions in 207 countries.<br />

            
                <a href="http://www.swift.com">www.swift.com</a>

            
              </li>

            
              <li>

            
                Continuous Linked Settlement (CLS) is the market standard for foreign exchange settlement between major banks.<br />

            
                <a href="http://www.cls-group.com">www.cls-group.com</a>

            
              </li>

            
            </ol>


            <h2>Integration Points with Other Eclipse Projects</h2>

            
            <p>

            
              The existing code base includes a number of components that make use or will

            
              make use of frameworks provided by existing Eclipse projects. The initial list

            
              of projects that may be used by the Open Financial Platform include:

            
            </p>


            <h3>Business Intelligence and Reporting Tools (BIRT)</h3>

            
            <ul>

            
              <li>OFMP is expected to use <b>BIRT</b> for its Business Reporting needs.</li>

            
            </ul>

            
            <h3>Data Tools Platform (DTP)</h3>

            
            <ul>

            
              <li><b>Model Base</b> project to provide a model of relational database schemas and structures.</li>

            
              <li><b>Connectivity</b> project, which provides components for defining, connecting to, and working with data sources.</li>

            
            </ul>

            
            <h3>Device Software Development Platform</h3>

            
            <ul>

            
              <li><b>eRCP</b> project to provide client-deployment in hand-held devices.</li>

            
            </ul>

            
            <h3>Eclipse</h3>

            
            <ul>

            
              <li><b>Equinox</b> project to implement both client-side and server-side OSGi services as evolved by the OSGi Enterprise Expert Group.</li>

            
            </ul>

            
            <h3>SOA Tools</h3>

            
            <ul>

            
              <li><b>SOA Tools</b> will provide support for service-based communication with other EIS.</li>

            
            </ul>

            
            <h3>Eclipse Technology Project</h3>

            
            <ul>

            
              <li><b>Dynamic Languages Toolkit</b> project to provide tooling for the RCML language (<a href="http://www.rcml.net">www.rcml.net</a>)</li>

            
              <li><b>Java Workflow Tooling</b> project for Financial Workflows modeling.</li>

            
              <li><b>Maya</b> project for profile-based client deployment.</li>

            
              <li><b>Eclipse Persistence Services</b> project for interaction with relational databases, XML, and Enterprise Information Systems (EIS).</li>

            
            </ul>


            <h2>Code Contributions</h2>

            
            <p>

            
              Kaupthing Luxembourg offers its Forex Financial Markets Middle Office Platform

            
              code base and tests for consideration by the project as an initial starting

            
              point. This platform has been developed internally by Kaupthing Luxembourg

            
              since April 2006 and in collaboration with Weigle Wilczek GmbH since October

            
              2006.

            
            </p>


            <h2>Other Open Source projects used in current code</h2>

            
            <ul>

            
              <li>Rich Client Markup Language (<a href="http://www.rcml.net">www.rcml.net</a>)</li>

            
              <li>Spring Framework</li>

            
              <li>ACEGI Security</li>

            
              <li>Quartz scheduler</li>

            
              <li>ObjectLab DateCalc</li>

            
              <li>iBatis, XML-based object/relational mapping and persistence framework as well as a data access abstraction layer.</li>

            
            </ul>


            <h2>Organization</h2>


            <h3>Kaupthing Project Initiator</h3>


            <p>

            
            Mr. Alexandre Simon<br />

            
            Director, Head of Financial Markets<br />

            
            Kaupthing Bank Luxembourg<br />

            
            Phone:: +352 46.31.31.212<br />

            
            Fax: +352 46.31.31 224<br />

            
            Web:<a href="http://www.kaupthing.lu">www.kaupthing.lu</a>

            
            </p>


            <h3>Initial Participants</h3>


            <table style="border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">

            
            	<tr style="vertical-align:top; text-align:left; ">

            
            		<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">

            
            			Mr. Frederic Conrotte<br />

            
            			Software Architect - Analyst<br />

            
            			Kaupthing Bank Luxembourg S.A.<br />

            
            			Phone: +352 46.31.31.548<br />

            
            			Fax: +352 46.31.31 224<br />

            
            			E-Mail: frederic dot conrotte at kaupthing.lu<br />

            
            			Web: <a href="http://www.kaupthing.lu">www.kaupthing.lu</a>

            
            		</td>

            
            		<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">Co-Project Lead - System Integration, Committer</td>

            
            	</tr>

            
            	<tr style="vertical-align:top; text-align:left;">

            
            		<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">

            
            			Mr. Fabian De Keyn<br />

            
            			Financial Engineer - Market Risk manager<br />

            
            			Kaupthing Bank Luxembourg S.A.<br />

            
            			Phone: +352 46 31 31 683<br />

            
            			Fax: +352 46.31.31 224<br />

            
            			E-Mail: fabian dot dekeyn at kaupthing.lu<br />

            
            			Web: <a href="http://www.kaupthing.lu">www.kaupthing.lu</a>

            
            		</td>

            
            		<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">Co-Project Lead - Financial Enginering, Committer</td>

            
            	</tr>

            
            	<tr style="vertical-align:top; text-align:left;">

            
            		<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">

            
            			Mr. Aleksey Aristov<br />

            
            			Software Architect - Analyst<br />

            
            			RCML Project Creator<br />

            
            			Weigle Wilczek GmbH<br />

            
            			Phone: +49 (0)711. 45 999 8 - 0<br />

            
            			Fax: +49 (0)711. 45 999 8 - 29<br />

            
            			E-Mail: aristov at weiglewilczek.com<br />

            
            			Web: <a href="http://www.weiglewilczek.com">www.weiglewilczek.com</a>

            
            		</td>

            
            		<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">Co-Project Lead - System Architecture, Committer</td>

            
            	</tr>

            
            	<tr style="vertical-align:top; text-align:left;">

            
            		<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">

            
            			Mr. Stephan Wilczek<br />

            
            			Managing Partner<br />

            
            			Weigle Wilczek GmbH<br />

            
            			Phone: +49 (0)711. 45 999 8 - 0<br />

            
            			Fax: +49 (0)711. 45 999 8 - 29<br />

            
            			E-Mail: wilczek at weiglewilczek.com<br />

            
            			Web: <a href="http://www.weiglewilczek.com">www.weiglewilczek.com</a>

            
            		</td>

            
            		<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">Project Coordination - Ecosystem Development, Committer</td>

            
            	</tr>

            
            	<tr style="vertical-align:top; text-align:left;">

            
            		<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">

            
            			Mr. Alexander Thurow<br />

            
            			Software Developer<br />

            
            			Weigle Wilczek GmbH<br />

            
            			Phone: +49 (0)711. 45 999 8 - 0<br />

            
            			Fax: +49 (0)711. 45 999 8 - 29<br />

            
            			E-Mail: thurow at weiglewilczek.com<br />

            
            			Web: <a href="http://www.weiglewilczek.com">www.weiglewilczek.com</a>

            
            		</td>

            
            		<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">Committer</td>

            
            	</tr>

            
            	<tr style="vertical-align:top; text-align:left;">

            
            		<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">

            
            			Mr. Sergey Vasiljev<br />

            
            			Software Designer and Architect<br />

            
            			Freelancer<br />

            
            			Phone: +49 (0)163 6158713<br />

            
            			E-Mail: serge dot vasiljev at gmail.com

            
            		</td>

            
            		<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">Committer</td>

            
            	</tr>

            
            	<tr style="vertical-align:top; text-align:left;">

            
            		<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">

            
            			Mr. Etienne Hermand<br />

            
            			Financial Engineer<br />

            
            			Phone: +352 26 31 12 91<br />

            
            			E-Mail: ehermand05 at gsb.columbia.edu

            
            		</td>

            
            		<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">Contributor</td>

            
            	</tr>

            
            </table>


            <p>Other participants are more than welcome and being actively sought.</p>

            
            <p>We aim to attract 2 types of project contributors:</p>

            
            <ul>

            
              <li>Contributors part of Financial Engineers Community (Business Analysts, Financial Mathematicians,...)</li>

            
              <li>Contributors part of Software Development Community</li>

            
            </ul>


            <h2>Interested parties</h2>

            
            <p>The following organizations have expressed interest in joining the project:</p>

            
            <ul>

            
              <li>Kaupthing Luxembourg S.A.</li>

            
              <li>Weigle Wilczek GmbH</li>

            
            </ul>

            
            </p>


                  </div>

            
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	<p>

	<h1>Open Financial Market Platform</h1>

	<h2>Introduction</h2>

	<p>Kaupthing Bank Luxembourg, in co-operation with Weigle Wilczek GmbH, is proud to propose the Eclipse Open Financial Market Platform Project as an open
	source project under the <a href="http://www.eclipse.org/technology">Eclipse Technology Project</a>.<br /><br />
	This proposal:
	</p>
	<ul>
	<li>is in the Project Proposal Phase (as defined in the <a href="http://www.eclipse.org/projects/dev_process">Eclipse Development
	Process document</a>) and is written to declare its intent and scope.</li>
	<li>is written to solicit additional participation and input from the Eclipse community.</li>
	</ul>
	<p>The <a href="http://www.eclipse.org/proposals/eclipse-ohf">Eclipse Open Healthcare Framework proposal</a> has been used as a basis for this proposal.</p>
	<p>You are invited to comment on and/or join this project. Please send all feedback to the
	<a href="http://www.eclipse.org/newsportal/thread.php?group=eclipse.technology.ofmp">http://www.eclipse.org/newsportal/thread.php?group=eclipse.technology.ofmp</a> newsgroup.</p>
	<h2>Overview</h2>
	<p>
	The goal of the Open Financial Market Platform (OFMP) is to extend the Eclipse
	Platform to create an open-source platform for interoperable,
	extensible financial market systems based on Equinox, Eclipse's OSGi
	framework. OFMP targets on tools and components for middle-office Financial
	Markets applications for the banking industry. OFMP will open-source
	field-tested components from a bank's production environment connecting to
	common back-office and front-office systems.
	</p>

	<p>This <b>Open Financial Market Platform </b>proposal might lead to more generic projects,
	such as an Open Banking & Finance Framework.</p>

	<p>
	The Open Financial Market Platform will develop infrastructure, tools,
	components, and services to support development of both client and server
	applications. Client development will be based on Eclipse RCP and server
	components will be based on Equinox OSGi together with core Eclipse concepts
	such as plug-in based extensibility.
	</p>

	<p>
	The essential functional elements of OFMP V 1.0 are well understood by domain
	experts. While there is a significant engineering effort required, we feel
	that the work plan as proposed here can be implemented given sufficient
	resources, and does not involve an unrealistic level of technical risk.
	Consequently, we propose this project to be considered as an incubator within
	the Technology PMC.
	</p>

	<p>
	We are not aware of any other efforts to build a <b>open-source platform</b> for
	constructing financial applications. Consequently, we expect it will take both
	time and effort to grow an OFMP community within the finance industry. We are
	optimistic that within the first 6-12 months there will be a considerable
	growth in the team after successfully passing the Creation Review and being
	established as an Eclipse project. Our development plans are deliberately
	open-ended so that we can employ these additional resources effectively as
	they become available. If we are wrong in our optimism, our development plan
	can still succeed, but clearly will take longer to reach its goals.
	</p>

	<h2>Vision</h2>
	<p>
	Financial industry has experienced continuous <b>standardization</b> of its
	main products and methods since the early 90's.
	</p>
	<p>
	OFMP's goal is to respond to the increasing need of a vertical market
	<b>integration</b> within current existing financial software offerings.
	Several financial open source tools and mathematical libraries can benefit
	from this platform as an integration point.
	</p>
	<p>The <b>componentization</b> enables contributors to more
	easily build reusable financial business components and applications, using
	Eclipse's powerful component model and extension mechanisms in client-side as
	well as server-side environments through OSGi.
	</p>

	<h2>Scope</h2>

	<p>A lot of financial applications require a common set of services, for example:</p>
	<ul>
	<li>Business Date</li>
	<li>Calendars</li>
	<li>Counterparties</li>
	<li>Currencies</li>
	<li>Quotes</li>
	<li>Order Management processes</li>
	<li>Limits</li>
	<li>Exposures</li>
	<li>Market Data</li>
	</ul>

	<p>To assemble those services, several types of tools are required:</p>
	<ul>
	<li>Business Rules Engine</li>
	<li>Tools to integrate with data-oriented and service-oriented legacy EIS and external data source</li>
	<li>Reporting Infrastructure</li>
	<li>Background Job Scheduler</li>
	<li>Financial Mathematical Libraries</li>
	<li>Real time data Infrastructure</li>
	<li>Document Management System</li>
	</ul>
	<p>
	OFMP will provide a framework for implementing support for a broad range of
	financial instruments and financial algorithms/libraries, effectively
	combining live data with quantitative financial models. Specific tools and
	components for risk management can be easily integrated and will be provided
	as well.
	</p>
	<p>
	While providing field-tested components that connect to common financial
	systems in an extensible framework, the platform allows to integrate
	sophisticated methods from quantitative finance to observe, analyse and
	project data in a real life banking environment. Latest results from academic
	research can be more easily adopted while using this framework.
	</p>
	<p>
	We believe there is an opportunity to provide a common, vendor-neutral
	platform that includes generic components, integration mechanisms, supporting
	tools and workflows, together with a process for staged customization to meet
	national standards, allow differentiation of commercial products, and meet the
	requirements of financial organizations. As mentioned above, OFMP will only
	cover Financial Markets functionalities and will be established as a
	middle-office platform.
	</p>

	<h2>Functional Structure</h2>
	<p>Proposed functional structure is presented on the following diagram:</p>
	<div>
	<table style="height:74px; width:980px; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">
	<tbody>
	<tr>
	<td style="width=100%;">
	<div>
	<table style="height:44px;width:970px;border-style: hidden">
	<tbody>
	<tr>
	<td style="text-align:center;font-size:20px;width=50%;">← Technology oriented</td>
	<td style="text-align:center;align:right;width:50%;font-size:20px">Business oriented →</td>
	</tr>
	</tbody>
	</table>
	</div>
	</td>
	</tr>
	<tr>
	<td style="border-style:solid; border-width:1px; border-color:black; width:50%;">
	<div>
	<table style="height:38px; width:970px; border-style: hidden">
	<tbody>
	<tr>
	<td style="vertical-align:top;width:20%;">
	<p><b>Common</b></p>
	<ul>
	<li>Background job scheduler</li>
	<li>Business rules engine</li>
	<li>Reporting infrastructure</li>
	<li>Currency calendar</li>
	<li>...</li>
	</ul>
	</td>
	<td style="vertical-align:top;width:20%">
	<p><b>Environment Definition</b></p>
	<ul>
	<li>Market data management</li>
	<li>Counterparty management</li>
	<li>Trading guidelines management</li>
	<li>Trading books management</li>
	<li>...</li>
	</ul>
	</td>
	<td style="width:20%">
	<p>
	<b>Risk Controlling</b>
	</p>
	<ul>
	<li>Real time position keeping</li>
	<li>Intra-day risk management</li>
	<li>Reconciliation process</li>
	<li>Position mark to market</li>
	<li>...</li>
	</ul>
	<p>
	<b>Business Standard</b>
	</p>
	<ul>
	<li>CLS Compliancy</li>
	<li>P&L Calculation</li>
	<li>Order management</li>
	<li>...</li>
	</ul>
	</td>
	<td style="vertical-align:top;width:20%">
	<p>
	<b>Risk Management</b>
	</p>
	<ul>
	<li>Market risk measurements</li>
	<li>Derivatives instrument pricing</li>
	<li>Stress testing</li>
	<li>Monte Carlo methods</li>
	<li>Simulations</li>
	<li>...</li>
	</ul>
	</td>
	</tr>
	</tbody>
	</table>
	</div>
	</td>
	</tr>
	</tbody>
	</table>
	</div>
	<p>These components can be used in applications that are supporting Money Markets, Capital Markets and Foreign Exchange activities.</p>
	<p>Though initially this structure is mainly focused on Financial Markets
	divisions, it can also be extended to cover other financial divisions like
	Accounting, Credit, Corporate, Insurance, Asset Management, etc.</p>

	<h2>Tentative Plan</h2>
	<p>
	2008-01 v0.1: Main Functional Business Components running on Eclipse OSGi server<br />
	2008-04 v0.2: Financial Mathematical libraries integration<br />
	2008-07 v0.5: Risk Models available and Risk Reporting deployed<br />
	2008-11 v1.0: Release 1.0 covering Financial Markets and Risk Management functionalities<br />
	</p>
	<p>As a further step the platform will be enriched by Risk Management components to evolve to a complete Risk Management Information System (MIS).</p>

	<h2>Liaison with Industry Standards Groups</h2>
	<ol>
	<li>
	The Financial Information eXchange (FIX) Protocol is a
	messaging standard developed specifically for the real-time electronic
	exchange of securities transactions. FIX is a public-domain specification
	owned and maintained by FIX Protocol, Ltd.<br />
	<a href="http://www.fixprotocol.org">www.fixprotocol.org</a>
	</li>
	<li>
	The Financial products Markup Language (FpML®) is the
	industry-standard XML protocol for complex financial products.<br />
	<a href="http://www.fpml.org">www.fpml.org</a>
	</li>
	<li>
	SWIFT messaging supplies secure, standardised messaging services and
	interface software to nearly 8100 financial institutions in 207 countries.<br />
	<a href="http://www.swift.com">www.swift.com</a>
	</li>
	<li>
	Continuous Linked Settlement (CLS) is the market standard for foreign exchange settlement between major banks.<br />
	<a href="http://www.cls-group.com">www.cls-group.com</a>
	</li>
	</ol>

	<h2>Integration Points with Other Eclipse Projects</h2>
	<p>
	The existing code base includes a number of components that make use or will
	make use of frameworks provided by existing Eclipse projects. The initial list
	of projects that may be used by the Open Financial Platform include:
	</p>

	<h3>Business Intelligence and Reporting Tools (BIRT)</h3>
	<ul>
	<li>OFMP is expected to use <b>BIRT</b> for its Business Reporting needs.</li>
	</ul>
	<h3>Data Tools Platform (DTP)</h3>
	<ul>
	<li><b>Model Base</b> project to provide a model of relational database schemas and structures.</li>
	<li><b>Connectivity</b> project, which provides components for defining, connecting to, and working with data sources.</li>
	</ul>
	<h3>Device Software Development Platform</h3>
	<ul>
	<li><b>eRCP</b> project to provide client-deployment in hand-held devices.</li>
	</ul>
	<h3>Eclipse</h3>
	<ul>
	<li><b>Equinox</b> project to implement both client-side and server-side OSGi services as evolved by the OSGi Enterprise Expert Group.</li>
	</ul>
	<h3>SOA Tools</h3>
	<ul>
	<li><b>SOA Tools</b> will provide support for service-based communication with other EIS.</li>
	</ul>
	<h3>Eclipse Technology Project</h3>
	<ul>
	<li><b>Dynamic Languages Toolkit</b> project to provide tooling for the RCML language (<a href="http://www.rcml.net">www.rcml.net</a>)</li>
	<li><b>Java Workflow Tooling</b> project for Financial Workflows modeling.</li>
	<li><b>Maya</b> project for profile-based client deployment.</li>
	<li><b>Eclipse Persistence Services</b> project for interaction with relational databases, XML, and Enterprise Information Systems (EIS).</li>
	</ul>

	<h2>Code Contributions</h2>
	<p>
	Kaupthing Luxembourg offers its Forex Financial Markets Middle Office Platform
	code base and tests for consideration by the project as an initial starting
	point. This platform has been developed internally by Kaupthing Luxembourg
	since April 2006 and in collaboration with Weigle Wilczek GmbH since October
	2006.
	</p>

	<h2>Other Open Source projects used in current code</h2>
	<ul>
	<li>Rich Client Markup Language (<a href="http://www.rcml.net">www.rcml.net</a>)</li>
	<li>Spring Framework</li>
	<li>ACEGI Security</li>
	<li>Quartz scheduler</li>
	<li>ObjectLab DateCalc</li>
	<li>iBatis, XML-based object/relational mapping and persistence framework as well as a data access abstraction layer.</li>
	</ul>

	<h2>Organization</h2>

	<h3>Kaupthing Project Initiator</h3>

	<p>
	Mr. Alexandre Simon<br />
	Director, Head of Financial Markets<br />
	Kaupthing Bank Luxembourg<br />
	Phone:: +352 46.31.31.212<br />
	Fax: +352 46.31.31 224<br />
	Web:<a href="http://www.kaupthing.lu">www.kaupthing.lu</a>
	</p>

	<h3>Initial Participants</h3>

	<table style="border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">
	<tr style="vertical-align:top; text-align:left; ">
	<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">
	Mr. Frederic Conrotte<br />
	Software Architect - Analyst<br />
	Kaupthing Bank Luxembourg S.A.<br />
	Phone: +352 46.31.31.548<br />
	Fax: +352 46.31.31 224<br />
	E-Mail: frederic dot conrotte at kaupthing.lu<br />
	Web: <a href="http://www.kaupthing.lu">www.kaupthing.lu</a>
	</td>
	<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">Co-Project Lead - System Integration, Committer</td>
	</tr>
	<tr style="vertical-align:top; text-align:left;">
	<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">
	Mr. Fabian De Keyn<br />
	Financial Engineer - Market Risk manager<br />
	Kaupthing Bank Luxembourg S.A.<br />
	Phone: +352 46 31 31 683<br />
	Fax: +352 46.31.31 224<br />
	E-Mail: fabian dot dekeyn at kaupthing.lu<br />
	Web: <a href="http://www.kaupthing.lu">www.kaupthing.lu</a>
	</td>
	<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">Co-Project Lead - Financial Enginering, Committer</td>
	</tr>
	<tr style="vertical-align:top; text-align:left;">
	<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">
	Mr. Aleksey Aristov<br />
	Software Architect - Analyst<br />
	RCML Project Creator<br />
	Weigle Wilczek GmbH<br />
	Phone: +49 (0)711. 45 999 8 - 0<br />
	Fax: +49 (0)711. 45 999 8 - 29<br />
	E-Mail: aristov at weiglewilczek.com<br />
	Web: <a href="http://www.weiglewilczek.com">www.weiglewilczek.com</a>
	</td>
	<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">Co-Project Lead - System Architecture, Committer</td>
	</tr>
	<tr style="vertical-align:top; text-align:left;">
	<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">
	Mr. Stephan Wilczek<br />
	Managing Partner<br />
	Weigle Wilczek GmbH<br />
	Phone: +49 (0)711. 45 999 8 - 0<br />
	Fax: +49 (0)711. 45 999 8 - 29<br />
	E-Mail: wilczek at weiglewilczek.com<br />
	Web: <a href="http://www.weiglewilczek.com">www.weiglewilczek.com</a>
	</td>
	<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">Project Coordination - Ecosystem Development, Committer</td>
	</tr>
	<tr style="vertical-align:top; text-align:left;">
	<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">
	Mr. Alexander Thurow<br />
	Software Developer<br />
	Weigle Wilczek GmbH<br />
	Phone: +49 (0)711. 45 999 8 - 0<br />
	Fax: +49 (0)711. 45 999 8 - 29<br />
	E-Mail: thurow at weiglewilczek.com<br />
	Web: <a href="http://www.weiglewilczek.com">www.weiglewilczek.com</a>
	</td>
	<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">Committer</td>
	</tr>
	<tr style="vertical-align:top; text-align:left;">
	<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">
	Mr. Sergey Vasiljev<br />
	Software Designer and Architect<br />
	Freelancer<br />
	Phone: +49 (0)163 6158713<br />
	E-Mail: serge dot vasiljev at gmail.com
	</td>
	<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">Committer</td>
	</tr>
	<tr style="vertical-align:top; text-align:left;">
	<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">
	Mr. Etienne Hermand<br />
	Financial Engineer<br />
	Phone: +352 26 31 12 91<br />
	E-Mail: ehermand05 at gsb.columbia.edu
	</td>
	<td style="width:8.498cm; border-style:solid; border-width:1px; border-color:black; border-collapse:collapse;">Contributor</td>
	</tr>
	</table>

	<p>Other participants are more than welcome and being actively sought.</p>
	<p>We aim to attract 2 types of project contributors:</p>
	<ul>
	<li>Contributors part of Financial Engineers Community (Business Analysts, Financial Mathematicians,...)</li>
	<li>Contributors part of Software Development Community</li>
	</ul>


	<h2>Interested parties</h2>
	<p>The following organizations have expressed interest in joining the project:</p>
	<ul>
	<li>Kaupthing Luxembourg S.A.</li>
	<li>Weigle Wilczek GmbH</li>
	</ul>
	</p>

	</div>
	</div>
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