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FpML-CD STS Standardization for LCDX Bullet Tranche
Ben/All,
As previously mentioned, it seems that the industry agreed to a standard bullet STS on LCDX Tranche as well - so in addition to the previous values I'd like to propose also adding to both schemes:
For the Standard LCDX Bullet Index Tranche:
StandardLCDXBulletTranche
Standard Terms Supplement for Standard Syndicated Secured Loan Credit Default Swap Index Bullet Tranche Transactions.
Thanks.
- H
Henri Pegeron
Vice President
Business Analysis and Platform Integration
MarkitSERV
55 Water Street, 22nd Floor
NY, NY 10041
+1 212 855 1682 Office
+1 212 855 1020 Fax
henri.pegeron@xxxxxxxxxxxxxx
www.markitserv.com <http://www.markitserv.com/>
________________________________
From: cdwg@xxxxxxxx on behalf of Ben Lis
Sent: Fri 2/26/2010 11:52 PM
To: cdwg@xxxxxxxx; cdwg@xxxxxxxx
Subject: RE: FpML-CD STS Standardization for LCDS and LCDX Bullet
Hi Henri/All:
I second your proposal to include these additional values in the contracutal supplement and broker confirmation schemes.
If any CDWG member has questions or concerns around this proposal, please raise them on this thread. If no unaddressed concerns are raised by close of business Friday, March 5th, 2010, these proposed values will be added to the schemes.
Best Regards,
Ben Lis.
________________________________
From: cdwg@xxxxxxxx on behalf of Henri Pegeron
Sent: Fri 2/26/2010 11:03 AM
To: cdwg@xxxxxxxx
Subject: FpML-CD STS Standardization for LCDS and LCDX Bullet
Ben/All,
Recently there have been discussions in the industry regarding new documentation for bullet trading on LCDS and LCDX trade types. A decision was reached that these trades will be "Standard" along the line of the standard products which we currently support today (SNAC, etc.)
It was tentatively agreed that trading would start in early April 2010. In order to prepare for this I am proposing that FpML add two new Standard Terms Supplements to the appropriate schemes (contractual supplement and broker confirmation).
For the Standard LCDS Bullet Single Name:
StandardLCDSBullet
Standard Terms Supplement for Standard Syndicated Secured Loan Credit Default Swap Bullet Transactions.
For the Standard LCDX Untranched Bullet Index:
StandardLCDXBullet
Standard Terms Supplement for Standard Syndicated Secured Loan Credit Default Swap Index Bullet Transactions.
(Note: Standard LCDX Tranche Bullet is still under discussion but would likely require a similar value once finalized).
Given the projected trading dates I was hoping to raise this to the CDWG for discussion/comments and inclusion in the next scheme update as soon as possible.
Regards,
- H
Henri Pegeron
Vice President
Business Analysis and Platform Integration
MarkitSERV
55 Water Street, 22nd Floor
NY, NY 10041
+1 212 855 1682 Office
+1 212 855 1020 Fax
henri.pegeron@xxxxxxxxxxxxxx
www.markitserv.com <http://www.markitserv.com/>
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