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FpML-Com Reminder: FpML Commodity Working Group call today (Friday 17 July) at 15:00 LON / 10:00 NYC

All,

Please note that there is a call today at 15:00 London / 10:00 New York.


AGENDA:

1. Minutes / Actions from last call (attached)

2. Reminder about public availability of working group communications

3. Discussion of Andrew Jacob's Commodities Model Review (attached)

4. Physical and financial POWER

  - Business centres / time zones for load shapes
    + Proposal for time zone representation (see attached)

  - Movement of lag element within CommodityPricingDates to allow use
with Settlement Periods.

  - Update of commodity-business-calendar coding scheme to include
values from the business-centre scheme. Do the following centres
represent the key holiday areas for power?
    + NERC (US)
    + GBLO (UK)
    + BEBR (Belgium)
    + DEFR (France)
    + SEST (Sweden)
    + FIHE (Finlad)
    + DKCO (Denmark)
    + NOOS (Norway)
    + ESMA (Spain)
    + CHZU (Switzerland)

5. Request for sample physical option confirmations for FpML 4.7

  - Gas, Power, Oil, Coal

6. Bullion Interest Rate products

7. AOB


Dial in details:

US: 1 888 481 3032

UK: 0 800 904 7961

Intl: 1 617 801 9600

Participant Code: 52016709


Regards,

Owen King
+44 20 7071 0137



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--- Begin Message --- 
All,
 
Further to today's working group discussion regarding time zones, please
see this summary of available standards and corresponding approaches
that could be considered for use in the commodities schema:
 
* Background
 
The W3C have an overview of approaches to working with time zones in XML
at: http://www.w3.org/TR/2005/NOTE-timezone-20051013/
 
It includes the following observation, which mirrors the statements made
on today's call: "a wall time expressed as an XML Schema time value,
must choose which zone offset to use. This may have the unintended
effect of causing a scheduled event to shift by an hour (or more) when
wall time changes to or from Daylight/Summer time."
 
There is a quasi-official standard for time zones documented at:
http://www.twinsun.com/tz/tz-link.htm that is recommended by the W3C.
However, this refers to time zones by way of location (e.g.
"America/New_York"). If the group agrees that a location-based approach
is optimal, it may be more prudent to adopt a fully-official standard
such as ISO 3166
(http://www.iso.org/iso/support/country_codes/iso_3166_code_lists/iso-31
66-1_decoding_table.htm)
 
* Recommendations
 
On today's call RI suggested the approach of giving implementers the
choice between specifying a time with a location or a time zone. Though
I believe this to be an optimal solution, I wonder if the lack of an
obvious time zone standard would leave this open to
misuse/misinterpretation.
 
A straightforward solution could be to replace the use of
BusinessCenterTime with a new type, PrevailingTime. This would include
two elements, hourMinuteTime (of type HourMinuteTime) for the time
itself, and location, which would by default reference the ISO 3166
standard, the intention being that a full ISO 3166-2 code (country and
subdivision) should be used. For example, 9AM prevailing time in London
would be:
 
<time>
  <hourMinuteTime>09:00:00</hourMinuteTime>
  <location>GB-LND</location>
</time>
 
Please indicate whether you agree with this approach or have any
concerns.

Regards,

Owen King
+44 20 7071 0137



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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Attachment: Commodites Model Review.doc
Description: Commodites Model Review.doc

--- Begin Message --- 
Due to limited attendance today the agenda was not discussed in full.

MG noted that the Last Call Working Draft of FpML 4.6 is due to be
published early next week.

Please note that there will be no call next week. The next call will
therefore be 15:00 UK / 10:00 US on Fri 17th July 2009. If your firm is
able to provide sample physically-settled commodity options
confirmations prior to then it will be a great help in kicking-off the
group's work for FpML 4.7.

* 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.

[Carried Forward] MS to distribute the physical coal questions document
within DB for feedback.


* Next meeting 15:00 UK / 10:00 US Fri *17th* July 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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