See below the response from the validation
working regarding the validation rules for product type scheme.
However, I think this is a useful document
so in the meantime, the document has been published in the working groups
section of the website http://www.fpml.org/documents/groupdocs.html
From: valwg@xxxxxxxx [mailto:valwg@xxxxxxxx]
On Behalf Of Andrew Jacobs
Sent: Monday, August 06, 2007 2:32
PM
To: valwg@xxxxxxxx
Subject: RE: FpML-VAL formal
response regarding product type rules
I don't think rules relating product
features to the value of the <productType> element are useful.
1. In a real system you must be able to
determine the product type from the document structure if the type is not
provided so the <productType> is duplicate data at best and a source of
ambiguity at worst.
2. How detailed would we want to go with
the classifications? Should vanilla products be recognisable compared to more
exotic ones (e.g. simple options vs barrier options, single currency vs cross
currency, straddle vs strangles, etc.)
3. A simple product
extension may render the rule inappropriate but may not be
detected by a simple implementation.
Product classification calls for a more
complex taxonomic approach that can handle extension/abstraction and
provide more useful algorithmic information to the processing application (e.g.
is the production an option?). Once you can classify the product accurately
checking the value of the <productType> (using any code value system) is
a breeze.
From: valwg@xxxxxxxx
[mailto:valwg@xxxxxxxx] On Behalf Of Marc Gratacos
Sent: 31 July 2007 11:10
To: valwg@xxxxxxxx
Subject: FpML-VAL formal response
regarding product type rules
All,
I had an action on my side to ask the group about a formal
response regarding the product type rules and check on the rationale for not
including validation rules for product type scheme. See
attached.
Kind Regards,
-Marc
+13472846531
**************************************************************************************************************************
The information contained in either this email and, if applicable, the
attachment, are confidential and are intended only for the recipient. The
contents of either the email or the attachment may not be disclosed or used by
anyone other than the addressee. If you are not the intended recipient(s), any
use, disclosure, copying, or distribution is prohibited and may be unlawful. If
you have received this communication in error, please notify us by e-mail at isda@xxxxxxxx
then delete the e-mail and all attachments and any copies thereof. This
communication is part of an ISDA process and is not intended for unauthorized
use or distribution.
**************************************************************************************************************************