FpML-EQD FpML EQD WG Minutes 1400 LDN Fri 14 March 2008

[andrew.p.parry@xxxxxxxxxxxx]

* Present

James Clark, Swaps Wire
Piers Evans, Swaps Wire
Robert Masri, DTCC
Andrew Parry, JP Morgan ( Chair )
Irina Yermakova, ISDA

* Apologies

Jim Brous, Metro Solutions
Marc Gratacos, ISDA

* Minutes

MCA offer the possibility of a great deal of free text in comparison to 
the automatable long form. Short form is a subset of long form, which 
should aid modelling consistency

Most clients of service providers book each option indvidually, then link 
each booking, using a typed or described strategy

Some firms want an atomic "all or none" booking, regardless of subsequent 
mide life treatement of each option, such as collateral management

Credit support documentation is outside of our field of expertise, we 
cannot provide a full resolution to issue 521

To allow cases where a money amount may legitimately be zero, we will use 
NonNegativeMoney instead of PositiveMoney

ISDA MCA updates "implementation letters" include annex revision, which 
then becomes the dominant legal language. At any point in time the latest 
annex revision is implicit from the master, but there may be a case to 
support explicit representation of the annex revision in a transactional 
FpML document

* Decisions

1. Revise Money and Payment proposal to change element usage of type 
PositiveMoney to NonNegativeMoney
2. Merge revised Money and Payment proposal to FpML-5-0
3. We should support both "all or none" and linked approach to strategies
4. Next meeting 1400 LDN Fri 04 April 2008

* Actions

RM advance proposal for MCA updates ( annex revision )

AP change element usage of type PositiveMoney to NonNegativeMoney

IY merge Money and Payment proposal to FpML-5-0
IY get ISDA view on FpML job posting on FpML web site
IY gather expertise on Credit Support Documents for use in document 
IY remove use of element <creditSupportDocument> in example to resolve 
issue 521
IY date from BL/MG for distinct "master" namespace for master schema 


Andrew Parry
+44 20 7325 1486
Exotics and Hybrids Architecture
JP Morgan

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