RE: FpML-CD Muni CDS - 'Moral Obligation Liability'

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

Hi Jamie:

 

I've reviewed your proposal and I support it.

 

This proposal is on the agenda for Wednesday's CDWG call. If anyone has concerns or objections regarding it and cannot attend the call, please raise your concerns on the e-mail list prior to Wednesday's call. If no unaddressed objections are raised prior to the call or on the call, we will move forward to include it the next 4.4 working draft.

 

Thanks,

Ben

---

From: cdwg@xxxxxxxx on behalf of Orme, Jamie
Sent: Thu 11/8/2007 2:24 PM
To: cdwg@xxxxxxxx
Subject: FpML-CD Muni CDS - 'Moral Obligation Liability'

CDWG,

We would like to add 'Moral Obligation Liability' to the creditDefaultSwap schema to fully support Muni CDS.

I believe that this is defined in the ISDA additional provisions (attached), as follows:

 

'“Moral Obligation Liability” means any liability of the Reference Entity that is contingent upon an appropriation being made by the governing body or other official of the Reference Entity'

 

I have changed the schema (also attached) in all relevant places as per the below:

 

 

 

Could we get together to discuss whether or not this modification to the schema can be formally adopted?

 

Many Thanks

 

Jamie

 

 

Attachment: additionalprovisions.pdf
Description: additionalprovisions.pdf

Attachment: fpml-cd-4-4 moral oblig.xsd
Description: fpml-cd-4-4 moral oblig.xsd