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FpML-Com Reminder: FpML Commodity Working Group call today (Friday 24 April) at 15:00 LON / 10:00 NYC

All,

Please note that there is a call today at 15:00 London / 10:00 New York.


AGENDA:

1. Minutes / Actions from last call (attached)

2. Physical COAL:

- Floating-price coal transactions
- Trade-level coal product specifications

3. Schema changes from architecture review and WD3 update

- Type name changes
  - CommodityNotional
  - CommodityNotionalSchedule

- Element name changes
  - "notionalStep" within CommodityPhysicalQuantitySchedule

- New elements
  - Addition of "applicable" element within
OilPhysicalLeg/delivery/transfer

- "product" elements
  - Now mandatory within all legs

4. AOB



Dial in details:

US: 1 888 481 3032

UK: 0 800 904 7961

Intl: 1 617 801 9600

Participant Code: 52016709


Regards,

Owen King
+44 20 7071 0137



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/> .
--- Begin Message --- 
* Present
Piers Evans, Markit
Marc Gratacos, ISDA
Raphael Iyageh, GS
Owen King, Markit (Chair)
Peter Stockman, DTCC
Alicia Szybillo, DTCC
Irina Yermakova, ISDA

* Review outstanding actions

>> ALL to find out more details on averaging-in options.
Awaiting feedback. [Carried Forward]

>> PS to send an email to the group detailing his review of oil product
grade data.
PS will send an email shortly [Carried Forward]

>> PS to contact software vendors to find out if they used standardised
oil product grade data.
PS hopes to be able to give an update at the next call [Carried Forward]

>> ALL To send example confirmations for power trades documented under
ISDA/EEI/GTMA.
Additional confirmations would be appreciated. [Carried Forward]

* Minutes

1. Progress and scope review

OK outlined the coverage matrix (attached) to the group and suggested
coal as the next item to add support for in the schema.

RI said he felt that coal would be an appropriate next step and agreed
to find out relative product priorities/volumes.

PS agreed with the proposal.

2. Test trades

OK stressed the need for further validation of the schema by creating
test trades and reviewing those that were shipped with the latest schema
files.

PS said that the DTCC had not reviewed the sample trades in detail but
added that while an initial look had not highlighted any issues the
samples did not appear to cover particularly complex trades. PS will try
to provide feedback from a more detailed analysis in two weeks.

3. Feedback from design review

OK explained the points raised by the design/architecture review of the
physical commodities schema.

There were no objections to the proposal to make the product element
mandatory and add a Boolean <applicable> element within structures that
could otherwise be empty. PS agreed strongly with the proposal to
rationalise the use of the term 'Notional' where it can be done in a
backwards-compatible manner.

4. AOB

Due to vacations, the group agreed that the next call would take place
on Friday April 24th.


* Actions

[Carried Forward] ALL to find out more details on averaging-in options.

[Carried Forward] PS to send an email to the group detailing his review
of oil product grade data.

[Carried Forward] PS to contact software vendors to find out if they
used standardised oil product grade data.

[Carried Forward] ALL To send example confirmations for power trades
documented under ISDA/EEI/GTMA.

[New] PS to provide feedback on the sample trades included with the
schema files.

[New] RI to find out the relative priorities/volume of different
physically settled coal products.

[New] All to provide sample coal confirmations.

* Next meeting 15:00 UK / 10:00 US Fri 24th April 2009



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: FpML Physical Commodities Coverage Matrix.doc
Description: FpML Physical Commodities Coverage Matrix.doc


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