FpML-Com Meeting Minutes 2012-02-07

Please find the minutes of February 07 meeting. Let me know if I missed anything.

Regards,

Irina Yermakova

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Attendees:

#	Member	Firm
1.	Peter Stockman – co-chair	- DTCC
2.	Tito Toro	- Amerex Energy
3.	Michael Anthony	- BNY Mellon
4.	Helen Mahon	- Credit Suisse
5.	Sreedhar Segu	- Credit Suisse
6.	Shelley Spaner	- DB
7.	Clare Gehrhardt	- DTCC
8.	Devansh Rastogi	- DTCC
9.	Mike Bennett	- EDM Council
10.	Brian Lynn	- GEM
11.	Timothy Capuano	- Goldman Sachs
12.	Michael Caserta	- Goldman Sachs
13.	Henri VAN DEN BOOGAERDE	- Maple Risk
14.	RJ Cummings	- The ICE
15.	John Solder	- UBS
16.	Irina Yermakova	- ISDA

Apologies:

- Andrew Jacobs – co-chair (UBS)

Discussions

1. Continue Review of the Weather schema proposal [Peter] – see attached fpml-comm.xsd.

- Peter walked the participants through the updates in the draft schema, based on Friday Feb-03 meeting’s comments [see distributed on Feb-07 confirmation-view-comm-weather-02-07-2012.zip, within fpml-com-5-3.xsd subschema, see "WeatherLeg" component].

o Demonstrated how the new weatherLeg can be accessed in the Commodity Swap ( it could similarly via the substitution group be accessed in the Commodity Option).

weather Leg

o Reviewed weatherLeg components. We will try to finalize this model in a week or so.

Question from the participants:

1. Sreedhar Segu asked about the source of the value list in the weatherStation/ weatherStationFallback/ weatherStationSecondFallback component

- Peter explained that it will be based on the coding scheme values from the following sources:

o weatherStationCity will be based on the FpML http://www.fpml.org/coding-scheme/business-center coding scheme

o weatherStationAirport will be based on 3-digit code provided by http://www.iata.org

o weatherStationWBAN will be based on Weather Bureau Army Navy system, which is a five-digit numeric code for identifying weather stations under its jurisdiction

o weatherStationWMO will be based on 5-digit WMO index number provided by http://www.wmo.int . The National Weather Service uses a system of five-digit numeric station codes to represent synoptic weather stations

We need to find the lists to compile the coding scheme.

- Brian pointed out that an FpML defined coding scheme - the scheme that is fully under FpML control. If the code is published by external organization and publically available, we should not put FpML in the position maintaining that code and checking the source every time we republish the code. Plus, the copyright policy should be checked if the re-publication of the code is allowed. The best way implementing such codes would be similar to ISO currency code where FpML provides just a standard URI for those codes (e.g. <settlementCurrency currencyScheme="http://www.fpml.org/ext/iso4217-2001-08-15">PLN</settlementCurrency>) [ More information on FpML EXTERNAL SCHEMEs can be found here http://www.fpml.org/spec/fpml-arch-3-0-rec-1/html/index.html#s3.4 ; http://www.fpml.org/spec/coding-scheme/index.html ]

2. Sreedhar asked if the weather proposal is based on a bespoke confirmation

o Peter replied that it is based on a bespoke confirmation and that it would be good to have examples of executed trade. Peter asked the participants who have an access to confirmations for executed weather trades to send it to him for testing. Peter is also planning to ask a risk management advisory firm which is and actual transactor of such instruments for some examples as well.

3. Review latest updates to Commodities enumeration and coding schemes [Peter].

- Has not been reviewed. Peter will add additional values sent by the participants and distribute the final version for the next meeting

5. Next steps and action items

In the next two meetings

- Review the final list commodities-related enumeration and coding scheme

- Continue work on weather swap and option model

- Review a proposal to support a Strip Option.

- Comm Reporting WG chair presentation

Next meetings

- Additional Meeting	Tuesday February 14, 2012	3:00pm New York/8:00pm London
- Regular Meeting	Friday February 17, 2012	10:00am New York/3:00pm London

References

· discussed agenda Feb 07

Working Group Information / Mailing List Archive

· WG info: http://www.fpml.org/wgroup/commwg/commwg.html

· Charter: http://www.fpml.org/wgroup/commwg/commwgcharter.html

· Group e-mail address: comwg@xxxxxxxx

· WG Mailing list Archive: http://www.fpml.org/_wgmail/_commwgmail/threads.html

· Mailing List: Please fill out the call of participation form http://www.fpml.org/lists/?p=subscribe&id=20 or send an email to Irina Yermakova (iyermakova@xxxxxxxx) to be added or to add a colleague to the distribution list.