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* 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
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