Existing
systems technology leader joins technical committee for new XML standard
San Francisco-based Forecross Corporation (OTCBB: FRXX) announced today that it has joined
the Technical Committee of the FpML™ standards organization which was founded in
June, 1999 by J.P. Morgan & Co. Incorporated and PricewaterhouseCoopers LLP. The
Company will be represented on this committee by Kim O. Jones, President, CEO and
Co-founder.
FpML (financial products markup language – www.fpml.org) is a new protocol for
Internet-based electronic dealing and information sharing of financial derivatives,
initially focused on interest rate and foreign exchange products. It is based on XML
(extensible markup language) which is the emerging Internet standard for electronic
commerce and data sharing between applications and businesses. The FpML specification,
which will be freely licensed, is expected to become a standard in the rapidly growing
field of business-to-business, Internet-based integration for a range of services, from
electronic trading and confirmations to portfolio specification for risk analysis.
As a member of the Technical Committee, Forecross will work to ensure that the FpML
standard recognizes the need for organizations to extend their existing package and legacy
applications to take advantage of this new e-commerce protocol.
"XML is the most important data-related standard to emerge since SQL," commented
Kim Jones. "Industry focused standards like FpML are the key to effective
business-to-business use of XML. I view our early support of the FpML initiative as
important in continuing to assist our financial services industry customers in increasing
the value of their existing applications through the redeployment of their data stores to
XML."
Other companies supporting the new FpML standard through participation in the Technical
Committee of the organization include International Business Machines Corp. (NYSE: IBM)
and webMethods, Inc.
About J.P. Morgan
& Co. Incorporated
J.P. Morgan & Co. Incorporated (www.jpmorgan.com) is a leading global financial
firm that meets critical financial needs for business enterprises, governments, and
individuals. The firm advises on corporate strategy and structure, raises capital, makes
markets in financial instruments, and manages investment assets. Morgan also commits its
own capital to promising enterprises and invests and trades to capture market
opportunities.
About
PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP (www.pwcglobal.com) is the world's leading professional
services organization. Drawing on the knowledge and skills of 155,000 people in 150
countries, PricewaterhouseCoopers helps clients solve complex business problems and
measurably enhances their ability to build value, manage risk, and improve performance.
PricewaterhouseCoopers refers to the U.S. firm of PricewaterhouseCoopers LLP and other
members of the worldwide PricewaterhouseCoopers organization.
About Forecross
Founded in 1982 as a high-technology software development laboratory, Forecross
Corporation is dedicated to the development and licensing of innovative software focused
on enhancing the value of existing applications. Clients have included such leading
corporations as Aetna Life Insurance Company, Brown Brothers Harriman & Company,
Charles Schwab & Co., IBM Corporation and Bank of America NTSA.
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Except for historical information contained herein, the matters set
forth in this release are forward-looking statements that are dependent on certain risks
and uncertainties, including such factors, among others, as market acceptance, market
demand, pricing, changing regulatory environment, changing economic conditions, risks in
new product and service development, the effect of the company’s accounting policies
and other risk factors detailed in the Company’s SEC and BCSC filings.
The U.S. Securities and Exchange Commission has not reviewed and does
not accept responsibility for the adequacy or accuracy of this News Release, which has
been prepared by the Company.
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