FpML-AWG Teleconference 28-May

Participant Code: 8682747

Agenda.

1. Updates

2. Spec. update for unions (see below)

3. AOB

2.3.7.1 Market Specific Enumerations

Enumerations are usually defined as a restriction on of the XML Schema 'token' type with a set of defined code values, for example:

<xsd:simpleType name="DeliveryTypeEnum">
  <xsd:restriction base="xsd:token">
    <xsd:enumeration value="Firm"/>
    <xsd:enumeration value="Interruptible"/>
  </xsd:restriction>
</xsd:simpleType>

Many enumerations represent the values of properties that apply across many financial markets, for example the idea of a 'day count basis' applies to many different products in interest rates, credit and commodities. Sometimes market specific values must be included which are relevant to only one area. In such cases the design of the schema could either:

Have a single enumeration used in all product areas. This results in the simplest schema but additional business rules are needed to prevent inappropriate use of code values.
Have a separate enumerations for each product areas. Definitions of the common code values are duplicated and require more effort to update.
Construct separate enumerations for each product area from a list of common values unioned with market specific values. Technically more complex but elimates duplicate definitions.

Provided that the types of the unioned code values are the same (e.g. both are tokens) the final approach is seen as the best solution for modelling market specific enumerations.