I would be less in favour of creating a specific product type AssetSwap just to allow an underlyingAsset to be referenced. If we are saying the mechanics of the asset swap itself are fully supported by the existing swap product then I’d suggest instead adding the ability to optionally reference the underlyingAsset within the swap product, possibly within the new swap/additionalTerms element that has been added in FpML 4.2. This also has the advantage of allowing other features within the existing swap product to be applicable to an asset swap. I think we’re agreed that legally the “swap” part of an asset swap transaction is no more than an interest rate swap with some specific conventions to allow one set of payment amounts to mirror an asset. Guy _____ From: Karel Engelen [mailto:KEngelen@xxxxxxxx] Sent: Tuesday, April 19, 2005 4:01 PM To: astf@xxxxxxxxxxxxxxxxxxxx Subject: FW: FpML-ASTF Asset swap/total return swap Reminder - the next meeting is Wednesday April 20th 12:00 pm to 1:00 pm NY time/ 5:00 pm to 6:00 pm London time Call in details US: 1888 481 3032 Intl: 617 801 9600 code: 751365 Karel -----Original Message----- From: Karel Engelen [mailto:KEngelen@xxxxxxxx] Sent: Wednesday, April 13, 2005 2:53 PM To: astf@xxxxxxxxxxxxxxxxxxxx Subject: FpML-ASTF Asset swap/total return swap Attached documents give an overview of the points discussed in the 2 meetings with the group. At the last call the discussion was taken in the direction of representing the Total Return type of swaps within the Equity structure and create a separate structure for asset swaps. The second document contains the asset swap proposal starting from the proposal GS submitted to the task force. It would be helpful to get feedback from the institutions not present at the last call on the approach taken. I would like to organize a next meeting, Wednesday April 20th at 10:30 a.m. NY time to confirm the approach, go over the outstanding questions and talk about the next steps for the proposal to the Standards Committee. Please let me know if date and time work for you. Karel This is a commercial communication sent by SwapsWire Limited. This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this message which arise as a result of e-mail transmission. If verification is required please request a hard-copy version. Please contact info@xxxxxxxxxxxxx if you no longer wish to receive commercial communications from us, identifying the email addresses to which you no longer wish commercial emails to be sent.
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