FpML-BP RE: FpML-AWG Trade Execution messages

["Brian Lynn" <brian.lynn@xxxxxxxxxxxxxxxxxxx>]

It might be better if we used more explicit words than "Modified" and
"Cancelled" ...  taking part of Andrew's suggestion, how about the
following?

TradeExecuted
TradeExecutionCorrected
TradeExecutionRetracted

(TradeExecutedCorrected or TradeExecutedModified seems very unwieldy to me.)


- Brian
-----Original Message-----
From: awg@xxxxxxxx [mailto:awg@xxxxxxxx] On Behalf Of Anthony B. Coates
(Miley Watts)
Sent: Tuesday, July 10, 2007 1:15 PM
To: awg@xxxxxxxx; coord@xxxxxxxx; bpwg@xxxxxxxx
Subject: Re: FpML-AWG Trade Execution messages

I agree with Matthew that the scope implied by the names seemed rather  
larger than the actual scope of the messages, and that can make things  
misleading.

Cheers, Tony.

On Mon, 09 Jul 2007 22:01:36 +0100, Brian Lynn  
<brian.lynn@xxxxxxxxxxxxxxxxxxx> wrote:

> Matthew -
>
>
> I'd considered the names you suggested, they just seemed really unwieldy  
> to
> me.  But perhaps they are better.
>
>
> On the consistency with the contract messages, these are intended
> specifically for reporting block trade executions, so this is a different
> problem.
>
>
>   _____
>
> From: awg@xxxxxxxx [mailto:awg@xxxxxxxx] On Behalf Of Matthew Rawlings
> Sent: Monday, July 09, 2007 4:10 PM
> To: awg@xxxxxxxx; coord@xxxxxxxx; bpwg@xxxxxxxx
> Subject: RE: FpML-AWG Trade Execution messages
>
>
> Feedback:
>
>
> This needs doing, and thanks for making a proposal.
>
>
> "TradeModified" - the problem with the name of the message is that you  
> are
> not modifying the trade; you are modifying the report of the trade. Why  
> not
> call it "TradeExecutedModified"? The problem I have seen is people using
> modifications of the report to modify the trade (economic amendments), in
> error.
>
>
> "TradeCancelled" - this has the same problem that it does not cancel a
> trade, but cancels the notification of the trade. Why not call it
> "TradeExecutedCancelled"? The problem I have seen is people using  
> cancels of
> notification to represent cancels (unwinds, counter-bookings), in error.
>
>
> How does the TradeExecuted message differ from TradeAffirmed or
> ConfirmQuoteAccepted? All three provide notification of an execution. Why
> not just have one message to notify of execution?
>
>
> Why do these have two parties rather than two trade sides? Presumably  
> this
> is because this will need to wait until FpML 5.0?
>
>
> To what extent is this process consistent with the Contract messages?  
> Most
> usage of Trade A2A I have seen has been really messaging of Contracts
> (resultant from allocations).
>
>
> Matthew Rawlings
>
> +44 791 539 7824
>
>   _____
>
> From: awg@xxxxxxxx [mailto:awg@xxxxxxxx] On Behalf Of Brian Lynn
> Sent: 09 July 2007 19:04
> To: coord@xxxxxxxx; bpwg@xxxxxxxx; awg@xxxxxxxx
> Subject: FpML-AWG Trade Execution messages
>
>
> At today's coordination committee meeting I promised to write up the
> proposal to add trade execution messages in more detail.
>
>
> I've attached a write-up with diagrams, and a preliminary schema.
>
>
> Note that this write up doesn't contain anything on enhancements to the
> pre-trade process; I'm working on another short document to discuss the
> options in that area.
>
>
> Regards,
>
>
> Brian Lynn
>



-- 
Anthony B. Coates
Senior Partner
Miley Watts LLP
Experts In Data
UK: +44 (20) 8816 7700, US: +1 (239) 344 7700
Mobile/Cell: +44 (79) 0543 9026
Data standards participant: genericode, ISO 20022 (ISO 15022 XML),  
UN/CEFACT, MDDL, FpML, UBL.
http://www.mileywatts.com/
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