All, Please note that there is a call today at the usual time. AGENDA: 1. Review minutes / actions from last call. 2. Review attached units for addition to unit scheme. 3. Addition of 'Calculation Period' to the Delivery Dates enum. 4. Update on plans for physical trades. 5. Attached paper from Brian Lynn. Dial in details: US: 1 888 481 3032 UK: 0 800 904 7961 Intl: 1 617 801 9600 Participant Code: 52016709 Note that the minutes to the last call are included below. Regards, Piers Evans ************************************************* * Present Hans Ellis, SWIFT (Co-Chair) Piers Evans, Markit (Co-Chair) Jared Getz, Glencore Raphael Iyageh, GS Chito Jovellanos, Forward Look Owen King, Markit Lyteck Lynhiavu, ISDA Brian Lynn, GEM Veli Omercik, ABN John Solder, UBS Peter Stockman, DTCC Irina Yermakova, ISDA * Apologies Hugh Brunswick, EFETnet Marc Gratacos, ISDA * Review actions from last meeting 1500 LDN 1st August 2008 >> ALL to validate the schemas by constructing test trades. Those who have looked at the schema have not raised any particular issues. >> ALL to investigate whether Expiration Time is ever confirmed for averaging/Asian options. No one had a view on this. >> ALL to provide agricultural and metals confirms. Done. These are being annonymised for inclusion in working draft 2. >> ALL Please send in any basis / options examples. Some confirmations have been sent. Further examples would be gratefully received. >> BO to follow up on why this might be needed in commodities (if at all). Possibly as a first price for an averaging period? >> BO will also follow up on whether there are forward-starting options on commodity underlyers (in the sense that the strike is set on the effective date / strike determination date rather than fixed up front). >> BO will follow up on asianing in (average strike) options. >> BO to review need for number of options / option entitlement and the case for supporting exchange look-alike options. BO was not on the call. >> CW to review how deferred premiums work - is it simply a fixed split per month or is the number of days taken into account? (e.g. a 12 month strip with per calendar day delivery and deferred payment... is the payment each month simply premium/12 or is it premium/number of days in month ?) Would a full premium payment schedule ever be required? CW was not on the call. >> PS to update to the group on his rounding work. PS has done a first draft of this paper and this will be circulated shortly. * Minutes 1. The group discussed recent changes to the schema following on from last week's review. The group agreed these changes. 2. The group reviewed changes for settlement periods related to power trades. It was pointed out that some European trades start to deliver hour ending 23.00 the night before which would not work with the current example. Action: Group to provide sample confirmations. Action: PE to review samples and update this section if necessary for working draft 2. 3. The group discussed future priorities Overwhelmingly, the group felt that physical trades should be the next priority. JG agreed to approach the LEAP working group to see if any of the more physically-focused market participants would be interested in joining the group and sharing their expertise. Rather than meet less regularly, the group felt it best to push on and get physicals done, so weekly meetings will continue. To allow time for PE to investigate the best approach for physicals, the next two weeks will be spent discussing BL's cash flow matching paper and PS's rounding paper. * Actions Group to provide sample confirmations of EU power trades starting the night before. PE to review samples and update this settlement periods if necessary for working draft 2. JG / PE to approach LEAP to ask for assistance in understanding the best approach for tackling physical trades. * Next meeting 1500 LDN Fri 15th August 2008 The content of this e-mail is confidential and may be privileged. It may be read, copied and used only by the intended recipient and may not be disclosed, copied or distributed. If you received this email in error, please contact the sender immediately by return e-mail or by telephoning +44 20 7260 2000, delete it and do not disclose its contents to any person. You should take full responsibility for checking this email for viruses. Markit reserves the right to monitor all e-mail communications through its network. Markit and its affiliated companies make no warranty as to the accuracy or completeness of any information contained in this message and hereby exclude any liability of any kind for the information contained herein. Any opinions expressed in this message are those of the author and do not necessarily reflect the opinions of Markit. For full details about Markit, its offerings and legal terms and conditions, please see Markit's website at http://www.markit.com <http://www.markit.com/> .
Attachment:
Additional Units.xls
Description: Additional Units.xls
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Commodity Schema 2008-08-12.zip
Description: Commodity Schema 2008-08-12.zip
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FpML Cashflow Matching Model.doc
Description: FpML Cashflow Matching Model.doc