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RE: FpML-Com Minutes of 2008-09-05 call - please note request for guidance on which physicals to approach first
Hi Chito.
Thanks for the update.
Depending on what you mean by 'reference implementation' there are a
couple of things that might do the trick.
1. Example trades... the FpML schemas ship with a whole suite of example
trades. So if you were looking for the 'best practice' approach to
implementing a given trade this might help.
2. There is a full set of documentation for the schemas that is
published on the fpml website along with each release. There is a
'chapter' of this for commodities. Once the release is made public, you
will be able to link to the 4.5 version and view / download the
documentation there.
It is worth noting that this is still a first working draft and that
there are changes waiting to go into the 2nd WD - mainly the FX and
balance of period stuff so far but we think we have found two more small
issues that we will raise this Friday.
Hope this helps.
To the rest of the group: any feedback you can give on physicals
preferences would be appreciated if you have not already been in touch.
Regards,
Piers Evans
-----Original Message-----
From: commwg@xxxxxxxx [mailto:commwg@xxxxxxxx] On Behalf Of Chito
Jovellanos
Sent: 10 September 2008 18:42
To: commwg@xxxxxxxx
Subject: Re: FpML-Com Minutes of 2008-09-05 call - please note request
for guidance on which physicals to approach first
Our feedback (from our buy-side perspective) re physicals: LNG, base
metals.
Also, was there (or has someone crafted) a reference implementation re
support for commodity underlyer, swaps, and options? If so. would it be
possible to inquire on the details?
Thanks,
Chito Jovellanos
ph +1 617 763-7011
eM chito@xxxxxxxxxxxxxxx
---------- Original Message -----------
From: "Piers Evans" <Piers.Evans@xxxxxxxxxx>
To: <commwg@xxxxxxxx>
Sent: Fri, 5 Sep 2008 19:43:12 +0100
Subject: FpML-Com Minutes of 2008-09-05 call - please note request for
guidance on which physicals to approach first
> * Present
>
> Krishna Devabhaktuni, Citadel
> Hans Ellis, SWIFT (Co-Chair)
> Piers Evans, Markit (Co-Chair)
> Marc Gratacos, ISDA
> Owen King, Markit
> Brian Lynn, GEM
> John Solder, UBS
> Peter Stockman, DTCC
> Irina Yermakova, ISDA
>
> * Apologies
>
> Luis Fierro, DB
> Jared Getz, Glencore
>
> * Review outstanding actions
>
> BO could not attend the meeting. His actions will be reviewed on the
> next call.
>
> * Minutes
>
> 1. Consider FX change to schema.
>
> Group agreed to this change.
>
> PE to add a choice allowing the option of specifying a rule for FX
> observation dates or pointing to the pricing dates for the commodity
> and forward to ISDA for addition to subversion.
>
> 2. Consider balance-of-period proposal.
>
> Group agreed that this was a sensible addition.
>
> PE to send to update schema and send to ISDA.
>
> 3. Owen King's analysis of differing documentation and gaps versus the
> existing schema
>
> PE said that the group needs to provide guidance in terms of which
> commodities to tackle first in the light of OK's analysis and in the
> light of what would be most useful to participants.
>
> One argument is that bullion could be a quick win given its similarity
> to what has already been implemented and because the documentation
> allows both physical and financial trades.
>
> Another is that the group should focus on markets where high volumes
> of standardised transactions could provide maximum benefit to the FpML
> community.
>
> JS said he would consult ops & legal to get buy in and identify the
> next priority.
>
> Group will consider their preference and feed back to PE who will
> review whether there is enough consensus to meet next week or if the
> group should meet in two weeks.
>
> * Decisions
>
> Schema to be updated in accordance with points 1 & 2 above.
>
> Group will feed back their preferences in terms of physicals for PE to
> collate.
>
> * Actions
>
> ALL Decide priorities for physicals work.
>
> BO to follow up on why the spot price might be needed for a commodity
> option (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.
>
> --> See singleUnderlyer in fpml-asset for how this could look in fpml
> with future as an underlyer and openUnits for the number of futures
> for listed options look alikes.
>
> * Next meeting 1500 LDN Fri 12th / 19th September 2008
>
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