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* Present
Marc Gratacos, ISDA
Raphael Iyageh, GS
Owen King, Markit (Chair)
Alicia Szybillo, DTCC
Irina Yermakova, ISDA
* Apologies
Peter Stockman, DTCC
* Review outstanding actions
Since the members who had individual actions were not on today's call,
the group did not review the outstanding actions.
* Minutes
1. BULLION
OK explained the proposed changes to bullion physical leg structure of
the schema. Specifically, the use of the term "Sponge" in the value for
rhodium reflects the fact that the metal is sometimes, but rarely,
traded in other forms.
There were no objections to the proposals.
2. Proposed creation of external coding schemes for physical oil grades
OK proposed the creation of three external coding schemes for oil grades
to reference the Platts and Energy Institute specifications and the BP
crude assays.
MG explained that a default coding scheme would be needed - OK did not
think there was currently sufficient consensus to decide what this
should be.
RI agreed to investigate the source of the oil grade values used by
internal trading/risk system.
* 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] RI to investigate the source of oil grade values used in internal
trading/risk systems.
* Next meeting 15:00 UK / 10:00 US Fri 8th May 2009
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