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* Present ISDA: Irina Yermakova DTCC: Robert Masri, Chise Yamamoto JPM: Andrew Parry ( Chair ) MarkIt: Takeo Asakura Omgeo: Tom Brown * Minutes Last standards committee meeting minutes contained a policy
statement on the approach to FpML-4-x and FpML-5-x which will be circulated to
this group AP telephone TA prior to this meeting for a Q&A session
on forward starting support for swaps. The answers were satisfactory, and the
wider group has reached consensus TA will propose solution to clearly separate MCA and MCA
Annex values in support of "The ISDA 2009 Equity European Annex to the ISDA
2009 European Master Equity Derivatives Confirmation Agreement" FpML Roadmap update has been completed as per our request,
but has not yet been uploaded to the FpML website US Client Option legal draft will be published soon, also
PAISS, PAISS ( Interdealer ) Index is the next schedule FpML side is on target to meeting NY Fed Commitments, delays
are from legal drafting, we need to keep communicating to the EIG and Swap WG
that we need lead time to develop FpML to match legal drafts Swap WG working on H1 2010 commitments Equity Trade Repository presentations made last week, we are
now in the 2nd round We need to correct the population of determination-method
coding scheme, and usage of these values in sample files, at first pass 1) “PriceAtValuationTime” --> may be
ambiguous, consider initial, final and interim, need to check each context 2) “HedgeUnwind” vs. HedgeExecution --> may
be ambiguous 3) “DividendCurrency” multiple implementation
methods, such as currencyReference ( link to div currency ), also consider if this is implemented on the transaction
supplement 4) “GoodFaith” values in sample should be
changed to "CalculationAgent" 5) “PublishedIndexAtValuationTime” values in
samples should be changed to “PriceAtValuationTime” since this is
applicable to all underlyer types Free text values with <determinationMethod> should
over ride the default coding scheme * Decisions 1. We accept the proposal for forward starting support
contained in the branch "FpML-4-7-EQD-1" 2. "ReturnSwapCurrency.model" should be named
"CurrencyAndDeterminationMethod.model" in line with FpML-5-x 3. We should continue to clearly separate MCA and MCA Annex
values 4. Free text entries within element
<determinationMethod> should always over ride default coding scheme 5. Change value "GoodFaith" within
<determinationMethod> element to "CalculationAgent" within
samples 5. We welcome Christina MacDonald of BBH as a new observer
to the group 6. Next meeting 14:00 LDN Friday 02 Oct 2009 * Actions TA propose solution for MCA and MCA Annex values ( recap
follows below ) "The value "ISDA2009EquityEuropean"
(“The ISDA 2009 Equity European Annex to the ISDA 2009 European Master Equity Derivatives Confirmation Agreement.”) was added
to “MasterConfirmationAnnexType” scheme. What is a corresponding value in the
“MasterConfirmationType” scheme? Here is Takeo’s comments: “We are not sure with the scheme value. This probably
needs discussions in the next FpML call. * The annex value
"ISDA2009EquityEuropean" does not state whether it is Index or Share. * The annotation states (“ISDA 2009 European
Master… “) but the docs heading states (“2009 European
Interdealer Master…”) * Note that the 2009 Index Annex is a client
template so comes under the 2007 MCA” IY rename "ReturnSwapCurrency.model" to
"CurrencyAndDeterminationMethod.model" in FpML-4-x series IY upload updated roadmap to FpML website IY add Christina MacDonald of BBH as a new observer to the
group IY within EQS sample files change
<determinationMethod> values as follows 1) “GoodFaith” values in sample should be
changed to "CalculationAgent" 2) “PublishedIndexAtValuationTime” values in
samples should be changed to “PriceAtValuationTime” CY ISDA legal drafting update AP propose determination-method coding scheme values, and
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