Public Margin Call Messaging API - VC funding call
Here's a new invention, maybe a bit tongue in cheek but not a bad one.
- Almost all firms need to make and receive margin calls
- Everyone needs to make sure these are done efficiently and trackable
- Lets invent a public data format for margin calls and responses
- Lets invent a message choreography where the calls and responses follow an understood pattern
- Lets then invent an API for each firm to activate over the internet
- And also invent a simple directory to which the API address is found
- Every vendor who wants to issue a margin call can then adopt the public protocol
- Every firm handling margin calls then codes to that API, and maps internally to their in-house or vendor systems
- Put a single firm (such as ISDA) in charge of maintaining the message formats and chorography. (Or OTC Space can do it, with help)
From then on, calls and receipts follow a common pattern using a a free common public API. If anyone wants to send me some VC funding we could have this ready this year. Doesn't FpML have something like this already?