RE: FPML-CWG Collateral WG action item: list of dispute reason codes

Hi Peter,

I love the standard message and I suggest to add one more which is:

"Unrecognized Trades"

This is happen quite often that trades are not recognized due to novation consent.

Please discuss.

Regards,

Sammy Lee
Manager - Collateral Support
GlobeOp Financial Services
otccollateral@xxxxxxxxxxx
(W) 646-827-1892
(C) 917-302-1523

slee@xxxxxxxxxxx

From: owner-colwg@xxxxxxxx [mailto:owner-colwg@xxxxxxxx] On Behalf Of Lyteck Lynhiavu
Sent: Tuesday, February 23, 2010 12:14 PM
To: colwg@xxxxxxxx
Subject: FPML-CWG Collateral WG action item: list of dispute reason codes

Peter put together an initial list of dispute reasons for MC5 and MC6. Please review. We’ll discuss tomorrow.

From: Walsh, Peter R [mailto:PRWalsh@xxxxxxxxxxxxxxx]
Sent: Monday, February 22, 2010 10:14 AM
To: Lyteck Lynhiavu; harry.mcallister@xxxxxxxxxxxxxxxxx
Cc: Forsythe, James
Subject: RE: Collateral WG action item: list of dispute reason codes

Hello Lyteck,

We discussed the dispute reasons internally and agreed to limit the initial dispute reasons to maximize the automation of them into our respective collateral management platforms. I do not see a need for two lists as we all agreed the resolution of the disputes fall outside of these messages

Below is a proposed short list of initial (high level) dispute reasons;

Initial Margin (IM) /Independent Amount (IA) discrepancy
MTM Discrepancy
Collateral Balance Discrepancy
Agreement parameter discrepancy
- MTA
- Threshold
- Rounding Logic
Agreement Not Active

Peter Walsh • Vice President• State Street Corporation
1776 Heritage Drive, Adams 2NE, North Quincy, MA 02171 T :( 617) 985-2124 F: (617) 769 - 6848 E: prwalsh@xxxxxxxxxxxxxxx

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From: Lyteck Lynhiavu [mailto:LLynhiavu@xxxxxxxx]
Sent: Monday, February 22, 2010 10:00 AM
To: Walsh, Peter R; harry.mcallister@xxxxxxxxxxxxxxxxx
Subject: Collateral WG action item: list of dispute reason codes

Peter, Harry:

At the last meeting the group discussed using a combination of free-form comment field and/or reason code(s) to capture the reason why a margin call is being disputed.

I have you down for an action item to put together a draft list of generic reason codes for the MC5 (Full Dispute) & MC6 (Partial Dispute) messages; one or more standard reason codes would be used in these messages. (Do you foresee the need for 2 lists/schemes for full and partial disputes?)

You may reply to me (I can bundle your input) or directly to the group; it could be presented to the group on Wednesday.

Thanks, Lyteck

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