FpML-Com 2009-06-26 Minutes

["Owen King" <owen.king@xxxxxxxxxx>]

* Present
Marc Gratacos, ISDA
Raphael Iyageh, GS
Lyteck Lynhiavu, ISDA
Owen King, Markit (Chair)
Farzad Moshfeghi, Standard Bank
Irina Yermakova, ISDA
William Wise, Markit

* Apologies
Peter Stockman, DTCC
Alicia Szybillo, DTCC

* 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.
IY sent out the proposal, there were no objections from the group
.[Closed]

>> MS to distribute the physical coal questions document within DB for
feedback.
MS was not on today's call. [Carried Forward]


* Minutes

1. Financial Options

The group agreed with the proposed changes to the CommodityOption and
OptionTypeEnum types.


2. Physical and financial POWER

  - Business Centres / Time zones for load shapes

The group discussed time zones in considerable detail. OK explained that
due to the fact the definition of a load shape will regularly span the
introduction of daylight saving, the time zone would need to reflect
"prevailing" time in a certain region.

MG and FM agreed that the current use of BusinessCenterTime was not
ideal since business centres are intended as calendars rather than
regions - as such the list of available business centres is somewhat
restrictive.

OK suggested that the ISO 3166 standard would be a suitable standard for
locations.

RI suggested that a choice could be offered between specifying a time
with a location or a time with a specific time zone (i.e. Mountain
Time).

The group agreed to replace the use of BusinessCenterTime with an
alternative but will research the available standards further before
deciding.

  
  - Changes to CommodityNotionalQuantity.model to allow fully-shaped
financial power trades

OK explained that the changes to Notional Quantity mirrored those to the
Fixed Price that were discussed on last week's call.

There were no objections to the changes.


3. AOB

OK asked whether the changes discussed on the call could be made in time
for the FpML 4.6 Last Call Working Draft, MG felt they could.

MG noted that ISDA are keen to publish a FpML 4.7 Working Draft. 


* 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] MS to distribute the physical coal questions document
within DB for feedback.


* Next meeting 15:00 UK / 10:00 US Fri 3rd July 2009



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