* Present Marc Gratacos, ISDA Raphael Iyageh, GS Owen King, Markit (Chair) Farzad Moshfeghi, Standard Bank Peter Stockman, DTCC William Wise, Markit Irina Yermakova, ISDA * Review outstanding actions >> ALL to find out more details on averaging-in options. Awaiting feedback. [Carried Forward] >> ALL To send example confirmations for power trades documented under ISDA/EEI/GTMA. Additional confirmations would be appreciated. [Carried Forward] >> ALL to provide sample coal confirmations. No additional coal confirmations have been received, especially floating price. [Carried Forward] >> RI to send an email to the group outlining GS's use of oil grade values. RI sent this on 2009-05-08. [Closed] * Minutes 1. Product names for physical transactions There were no further comments regarding product naming. The types used for different products will therefore be as follows: - CommodityForward + Fixed Price, Single Period (Bullion) - CommoditySwap + Fixed or Floating Price, Single or Multiple Periods (Gas, Oil, Electricity, Coal) 2. Physical COAL FM asked whether there was a good understanding of what data types coal product properties could take (e.g. BTU/LB). OK said that these were specified on the ISDA confirmation template. FM said he would put together a revised coal product definition and circulate it to the group. There were no further comments on the paper. 3. Physical OIL MG recommended that a external coding scheme is created for each pipeline/set of product specifications without reference to the version to avoid the scheme needing regular updates. MG clarified that an external coding scheme definition exists in the schema documentation only. WW said he would forward OK a Platts document that listed the major US oil pipelines. 4. Physical ELECTRICITY and GAS PS volunteered to compile a list of U.S. power delivery locations. * 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] ALL to provide sample coal confirmations. [New] ALL to provide feedback on the physical coal questions paper (attached). [New] FM to circulate revised coal product schema [New] PS to collate and circulate list of US power delivery locations. * Next meeting 15:00 UK / 10:00 US Fri 22th 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:
Physical Commodities Questions - Coal v1.doc
Description: Physical Commodities Questions - Coal v1.doc