In deprecating the TradeCreated and its related messages did we decide
that we were no longer going to support A2A processes at all? I have
no problem with the TradeExecutionNotification, however it does not
apply to the internal business process that the TradeCreated message
was fulfilling for some users. In the internal scenario, a strategist
or portfolio manager creates a trade in a modeling system to be
executed by the trading staff. The modeling system generates a
TradeCreated message which disseminates the trade details to other
systems such as security master, compliance and trading. This message
will have a generic PartyA or PartyB to represent the yet to be
determined counterparty. Following execution, the trader enters the
counterparty and allocations for the trade into the trading system
which creates a second TradeCreated message that includes the
allocations. I could see the TradeExecutionNotification being used at
this point in the process. Currently, the TradeCreated message with
allocations is sent to the middle office where each allocation is then
used to generate a ContractCreated message. If we are supporting the
A2A processes, I would like to see a new message to support the
internal process before we remove the TradeCreated and its related
messages.
Regards,
Robert
matthew.d.rawlings@xxxxxxxxxxxx wrote:
Pools of executions to allocate is
another
concept that happens in the market, but doesn't yet have support in
FpML.
Matthew Rawlings
+44 7917 596 827
Up to this, the concept of an underlying order
that
could be filled with multiple fills hasn't been raised as a requirement
for the OTC derivatives that we're trying to represent in FpML. The
intention here was just to be able to represent an execution of a
trade,
for instance on an electronic trading platform or an interdealer
broker.
We currently have no concept in FpML that the execution might be
filling a previous order, since we don't currently represent orders in
any way in FpML.
Having said this, it's an area that should probably be covered in the
pre-trade
space, if we ever get to enhancing the FpML pre-trade business process
model. A while back I'd identified a number of items that we could
potentially cover, including orders (of a variety of flavors), RFQ
counter-offers,
advertisements/indications of interest, etc.
At the moment the greatest interest for pre-trade in FpML seems to be
coming
from the FIX-FpML working group, and from what I can gather the focus
is
currently more on enhancing FIX to better cover OTC derivatives than
enhancing
FpML to better address pretrade.
- Brian
-----Original Message-----
From: bpwg@xxxxxxxx [mailto:bpwg@xxxxxxxx] On Behalf Of Michael
Alexander
Sent: Monday, March 17, 2008 10:46 AM
To: bpwg@xxxxxxxx
Subject: Re: FpML-BP Call for comments: trade execution messages
excuse my ignorance to any prior discussions on this but I have a
comment on the TradeExecutionNotification message: a notion on the
state of the underlying order might facilitate processing - that is if
the order the trade belongs to has been fully filled or is still open.
On Mon, Mar 17, 2008 at 1:10 PM, Marc Gratacos
<MGratacos@xxxxxxxx>
wrote:
>
>
>
>
> Please, let me know if there are any comments regarding this
proposal
before
> next week's Monday 2008-03-24. Otherwise we'll distribute it to the
> Coordination Committee for final approval.
>
>
>
> ________________________________
>
>
> From: bpwg@xxxxxxxx [mailto:bpwg@xxxxxxxx] On Behalf Of Marc
Gratacos
> Sent: Monday, March 10, 2008 9:27 AM
> To: bpwg@xxxxxxxx
> Subject: FpML-BP teleconference 2008-03-12
> Importance: High
>
>
>
> The next BPWG meeting will be Wednesday March 12
>
> Please note that due to the daylight saving time change in the US
the times
> for the meeting are:
>
> 12:00 to 13:00 New York Time
> 16:00 to 17:00 London Time
>
>
>
> Agenda
>
>
>
> 1. Trade Execution Messages (See updated proposal)
>
> 2. Settlement Information Notification (I'll send a proposal
before
the
> call)
>
> 3. AOB
>
>
>
>
>
> Call details:
>
>
>
> US: 1 888 481 3032
>
> UK: 0 800 904 7961
>
> Intl: 1 617 801 9600
>
> Code: 8682747
>
>
>
>
>
> Kind Regards,
>
> -Marc
>
>
>
>
>
>
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Best Regards,
Dr. Michael Alexander
WU Wien Dept. of Information Systems
malexand@xxxxxxxxxxxxx / +43.1.31336.4467
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