FpML-CD next CDWG meeting -- Wednesday, June 27 9am NY/2pm LDN

["Ben Lis" <Ben.Lis@xxxxxxxxx>]

Due to a conflict with the FpML training course (Marc G and I will both be there), we will push our next meeting to June 27th. A reminder and an agenda will be circulated next Monday.

I’ve also attached the meeting minutes from the June 6^th call that Irina has put together for us.

 

Ben Lis

Head of Product Management & Integration

T-Zero

 

212.323.6041

www.tzero.com

 

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CD minutes from June 06, 2007

Next meeting    – June 20, 2007

 

Present:

Ben Lis (T-Zero)

Irina Yermakova (ISDA)

Marc Gratacos (ISDA)

Andrew Parry   (JPMorgan)

Rupali Parab (Goldman Sachs)

 

Apology:

Farzad Moshfeghi (JPMorgan)

Pierre Lamy (Goldman Sachs)

 

Meeting agenda:

1. CEN proposal from Andrew Parry (attachment has been sent out earlier)
2. Enhanced initial payment proposal from Faz Moshfeghi (attachment has been sent out earlier)
3. All other business

 

Discussion:

 

1.      Andrew Parry presented his work on Credit Event Notice process that is base on the current FpML 4.3 spec. This proposal uses three phase approach (Credit Event, Affected Contracts, and Projected Settlement). The current Credit Event Notification method due to its limited scope was proposed to be deprecated when the Credit Event Notice Automation proposal is accepted.

Action: The differences between the current Credit Event Notification notice and proposed process need to be clearly articulated and documented.

Action: Make sure that the proposal is in sync with ISDA documentation. Marc will distribute the latest version of ISDA Credit Event document.

Action: DTCC feedback on this proposal is important.

 

2.      Proposal from Farzad to enhance initial payment in CDS will be tabled during the next CDS meeting

Action: Farzad should put together a word document proposal as well for easy review.