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FpML-EQD FW: Usage of masterConfirmationType & masterConfirmationAnnexType



All

 

Takeo has kindly prepared this summary for discussion tomorrow

 

Regards

 

From: Takeo Asakura [mailto:Takeo.Asakura@xxxxxxxxxxxxxx]
Sent: 15 October 2009 11:11
To: Andrew P Parry
Cc: Irina Yermakova
Subject: RE: Usage of masterConfirmationType & masterConfirmationAnnexType

 

Andrew,

 

The email thread with Irina became a bit messy with some misunderstandings, so I have summarised the discussion points as below. Please review/edit and distribute (if you prefer the original thread, that would be ok too).

 

Regards,

Takeo

 

 

1.     Region string within masterConfirmationType & masterConfirmationAnnexType values
Both noun and adjective forms are used in the existing values (e.g. Europe vs. European, Americas vs. American).
While the recent usage is inconsistent across regions (Europe
an but Americas) it has been suggested the string should adhere to the string used in the MCA.

E.g. ISDA2009Equity
EuropeanInterdealer rather than ISDA2009EquityEuropeInterdealer

 

2.     Year string within masterConfirmationType & masterConfirmationAnnexType values
Our proposal was to indicate the annex publication year in the string rather than the parent MCA publication year, so for example ISDA
2009EquityEuropeanAnnexIS, rather than ISDA2007EquityEuropeanAnnexIS.

To be reconfirmed as a query (though not an objection) has been raised.

 

3.     Annex string within masterConfirmationType & masterConfirmationAnnexType values
It has been suggested ‘Annex’ is redundant so for example ISDA2009EquityEuropean
IS, rather than ISDA2009EquityEuropeanAnnexIS.

 

4.     Revise masterConfirmationAnnexType values according to the outcome of the above
Irina’s suggestion - just to get a consensus.

 

5.     Schema value descriptions
Irina’s suggestions - just to get a consensus - pending above decisions.

 

New value in the Master Confirmation Type

<schemeValue name="ISDA2009EquityEuropeanInterdealer" schemeValueSource="FpML">

            <paragraph>The ISDA 2009 European Interdealer Master Equity Derivatives Confirmation Agreement applies.</paragraph>

</schemeValue>

 

New value in the Master Confirmation Annex Type:

<schemeValue name="ISDA2009EquityEuropeanInterdealerAnnexSS" schemeValueSource="FpML">

            <paragraph>The Interdealer Share Swap Annex to the ISDA 2009 European Interdealer Master Equity Derivatives Confirmation Agreement applies.</paragraph>

</schemeValue>

 

-----------------

Existing value in the New Master Confirmation Type

<schemeValue name="ISDA2007EquityEuropean" schemeValueSource="FpML">

            <paragraph>The ISDA 2007 European Master Equity Derivatives Confirmation Agreement applies.</paragraph>

</schemeValue>

 

New value in the Master Confirmation Annex Type:

<schemeValue name="ISDA2009EquityEuropeanAnnexIS" schemeValueSource="FpML">

            <paragraph>The Index Swap Annex to the ISDA 2007 European Master Equity Derivatives Confirmation Agreement applies.</paragraph>

</schemeValue>

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