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FIXML_Schema
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Re: Validation via Schematron
Simon Heinrich / C24
2 Oct 2006 12:03PM ET> Hi Greg,
>
> I was a member of the ISDA/FpML Validation Working Group and also the
> FIXML Schema WG. For FpML we established a set of business validation
> rules and attempted to implement them in Schematron and CLIX. For our
> purposes, Schematron was not able to handle the complexity of some of
> the business rules for OTC Derivative Contracts, however CLIX was. Areas
> where we ran into trouble for FpML usually involved verifying
> intermediate payment date schedules given a start and end date.
>
> This may not be an issue for FIXML as listed assets are well specified
> either by an exchange or the issuer. Determining that the proper
> elements and attributes are included for various messages should be
> straight forward. Actually verifying the data values for those elements,
> or attributes, may not be. Schematron seems to fall short if
> computation, or extrapolation, based on data is required.
>
> Robert Stowsky
>
> Co-Chair FIX GDC Technical Subcommittee
>
> > Has anyone had any experience using Schematron to validate FIXML
> > messages? I am using Schematron in conjuction with XML Schema to
> > validate algorithmic parameters of a message. But, I think it might be
> > useful to expand this type of validation to the entire message. In
> > other words, create a Schematron document that covers all the tags.
> > Please chime in if you know of any traps/pitfalls regarding this
> > method. Thanks. -Greg
Greg,
As the current chair of the FpML Validation Working Group I can re-iterate what Robert has said. As part of our mandate we are looking into a adopting new rule language to codify our semantic validation rules. Schematron is a possibility but as Greg points out this will only cover about 90% of rules. NRL is another possibility and I've had conversations with Christian Netwich about this. Another possibility is OCL which we will be evaluating at some point in the future.
My personal belief is that none of these languages will ever be human readable and yet still expressive enough to define all rules one could dream up.
I've talked to some of the ISO20022 guys about this as well and we have agreed to share the approach we take. I hope we can include FIXML in this collaboration as well.
Cheers,
Simon Heinrich
Product Development Director, C24
Chair, FpML Validation Working Group
Re: Validation via Schematron
Simon Heinrich / C24 2 Oct 2006 12:03PM ET
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