* Present Marc Gratacos, ISDA Raphael Iyageh, GS Lyteck Lynhiavu, ISDA Owen King, Markit (Chair) Farzad Moshfeghi, Standard Bank Peter Stockman, DTCC Irina Yermakova, ISDA * Apologies Anupam Gupta, JP Morgan * 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 produced out a document detailing the findings of his review (attached) [Closed] >> PS to contact software vendors to find out if they used standardised oil product grade data. PS contacted a number of vendors but has not received a response [Closed] >> ALL To send example confirmations for power trades documented under ISDA/EEI/GTMA. Additional confirmations would be appreciated. [Carried Forward] >> PS to provide feedback on the sample trades included with the schema files. PS is still reviewing these. [Carried Forward] >> RI to find out the relative priorities/volume of different physically settled coal products. RI provided feedback on volumes. [Closed] >> ALL to provide sample coal confirmations. Some confirmations were received. More confirmations are needed, especially for International Coal. [Carried Forward] * Minutes Farzad Moshfeghi introduced himself to the group. Farzad is the FpML consultant at Standard Bank and is advising on the internal use of FpML. 1. Physical COAL OK explained the initial coal proposal and highlighted two key issues that need further analysis: - The ISDA confirmation templates do not support floating price transactions but it seems unlikely that these are not traded. It would be helpful to understand whether there is a reason for this and see examples of floating price coal confirmations from transactors. - When fully specifying a Coal Product on a confirmation, a number of the product fields (e.g. so2, volatility) are sometimes left blank. It would be useful to know whether certain fields are always mandatory to increase the resilience of the model. FM recommended making the fields optional where it was not clear that they would always be required and offered to provide some sample confirmations. FM noted that additional validation could be performed on a per-institution basis. 2. Schema changes from architecture review and WD3 update OK listed the changes that have been made to the schema following the architecture review: - Type name changes - CommodityNotional renamed to CommodityNotionalQuantity - CommodityNotionalSchedule to CommodityNotionalQuantitySchedule - Element name changes - "notionalStep" within CommodityPhysicalQuantitySchedule renamed to "quantityStep" - New elements - Addition of "applicable" element of type xsd:boolean within OilPhysicalLeg/delivery/transfer to prevent the transfer element being empty if no delivery location is needed. - "product" elements - Now mandatory within all physical leg elements to make it explicit what commodity is being delivered. This has necessitated that a "type" element within all product elements. For power, for example, it is envisaged this will always be set to "Electricity". 3. AOB OK proposed that the value ISDA1997Bullion be added to the contractualDefinitionsScheme coding scheme. There were no objections. MG confirmed that WD3 would be published following a review session by the Coordination Committee on Monday. * Actions [Carried Forward] ALL to find out more details on averaging-in options. [Carried Forward] ALL To send example confirmations for power trades documented under ISDA/EEI/GTMA. [Carried Forward] PS to provide feedback on the sample trades included with the schema files. [Carried Forward] ALL to provide sample coal confirmations. [New] FM to provide sample coal confirmations. * Next meeting 15:00 UK / 10:00 US Fri 1st May 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:
Commodity FpML WG - Oil Product Grades.doc
Description: Commodity FpML WG - Oil Product Grades.doc