* Present Marc Gratacos, ISDA Raphael Iyageh, GS Owen King, Markit (Chair) Farzad Moshfeghi, Standard Bank Irina Yermakova, ISDA * Review outstanding actions >> ALL to find out more details on averaging-in options. Awaiting feedback. [Carried Forward] >> ALL to provide feedback on the physical coal questions paper. Further input would be helpful. [Carried Forward] >> MG to circulate the original proposal for the creation of a global commodity underlyer. Re-assigned to IY [Carried Forward] >> MS to distribute the physical coal questions document within DB for feedback. MS was not on today's call. [Carried Forward] >> RI to find out what documentation physically-settled periodic bullion trades are confirmed under. RI provided feedback directly to OK. [Closed] RI's feedback noted that GS confirms periodic bullion trades under the ISDA Master Agreement and Commodity Definitions. The group discussed the implications of adding support for periodic physical bullion trades to the schema. No decision was reached on the call but the wider group is asked to consider the following points and provide feedback: - The current bullionPhysicalLeg element exists within the commodityForward element which is intended for single-period trades only. - The ISDA Bullion Transaction confirmation template does not explicitly support multiple deliveries (i.e. in includes a single Bullion Transaction Settlement Date). MG noted that the parallels between this and FRAs and IRSs in FpML would be worth considering in this context. * Minutes 1. Update on FpML commodities coverage OK noted that the Commodities Coverage Matrix had been updated and now summarised both financially and physically settled commodity coverage in FpML 4.6. 2. Physical POWER - Minor changes to enhance shaped trades support OK summarised the changes and the group worked through example trade 18, which covers a shaped, fixed-price US power transaction. The schema now supports power trades that are shaped by periodically (e.g. monthly) and by Settlement Period. FM said he felt that the use of "product" as an element name within the physical leg elements was misleading as it has a different meaning elsewhere. Additionally, FM noted that "delivery" was ambiguous given the existence of deliveryPeriods and deliveryQuantity alongside it. OK mentioned that the "product" question had been raised before and the group discussed the merits of making a change. FM and OK provisionally agreed that within each physical leg the product element should be changed to the name of the underlying commodity. For example, within electricityPhsyicalLeg, product will be renamed electricity. In the attached schema, delivery has also been renamed to deliveryConditions. Please provide feedback by TUESDAY 23rd JULY if you have any concerns about these changes. FM also commented on the limitations of the periods element within deliveryPeriods; it does not explicitly define whether the length and frequency of the periods is the same (for example, the presence of a date within periods could be considered to indicate that there was a Delivery Period of that day only). No decision was reached on the call but please provide feedback to the group if you feel this area of the schema should be changed. * Actions [Carried Forward] ALL to find out more details on averaging-in options. [Carried Forward] ALL to provide feedback on the physical coal questions paper (attached). [Carried Forward] MG to circulate the original proposal for the creation of a global commodity underlyer. [Carried Forward] MS to distribute the physical coal questions document within DB for feedback. * Next meeting 15:00 UK / 10:00 US Fri 26th June 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/> .
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FpML_4-6_WD3_plus_coal.zip
Description: FpML_4-6_WD3_plus_coal.zip
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FpML Commodities Coverage Matrix.doc
Description: FpML Commodities Coverage Matrix.doc