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* Present DTCC: RM, HP, SS ISDA: IY JPM: AP ( Chair ) MarkitSERV: JC Omgeo: TB * Apologies MarkitSERV: TA, CY * Minutes IY/TA view the <currency> element on underlyers such
as Equity as being ambiguous. The common understanding in the group is that this is the listing ( and trading )
currency of the Equity. We will revise the documentation to reflect this common understanding Listing currency, trading currency are per underlyer.
Settlement currency may be agreed per derivative contract We welcome Venkat Krishnamurthy as an Observer for Oracle to
the group IY has been working with CA on valid MCA / MCA Annex pairs.
CA will provide this in spreadsheet form. This is of particular importance for
EQD, since we such a large number of MCA and MCA Annexes Service providers do not wish to track legal adherence, but
they do wish to know of valid MCA / MCA Annex pairs, since this will allow them
to validated business correct usage We have two principal outstanding items of ISDA Legal
Drafting i) Pan Asia Index "PAISS". Effectively a Dividend
Swap within an Equity Swap for the Japanese Market. It may be possible to
achieve this concept by using definitions, rather than structural changes to
the transaction supplement, which would adversely impact FpML ii) US Client Option. Comments on the final draft are due
today ( Fri 04 Dec 2009 ) which leaves us with AEJ Closed Market as the only stable
draft Since the valid set of values is subject to change, We will
use a coding scheme controlled type for AEJ 2009 Closed Market Changes, We must also support the Multiple Exchange Annex ( MEA ) II i) MEA II will apply by default to Swaps, but may be over
ridden in favour of MEA I ii) MEA I will apply by default to Non Swaps This continuing complexity in legal drafting is being driven
by the requirements of market participants, and has an adverse impact on FpML,
in terms of greater complexity, and lower ease of automation NY Fed Target dates, such as PAISS and EU Index Swap have
been slipped, this has been escalated to the ISDA Equity Implementation Group (
EIG ) FpML-4-7-TR-1 is scheduled for release at the end of
December Thanks from the Chair for your contributions to timely and
accurate implementation * Decisions 1. adopt AEJ 2009 Closed Market Changes proposal from JC for
FpML-4-7 1.1 new scheme controlled complex type
SettlementPriceDefaultElection 1.2 new Coding scheme settlement-price-default-election 2. adopt MEA II proposal from TA for FpML-4-7 Next meeting 14:00 LDN Fri 11 Dec 2009 ONLY IF we have ISDA
publications to discuss Final meeting of the year 14:00 LDN Wed 16 Dec 2009 * Actions AP contribute improved documentation for <currency>
element of underlyers such as Equity IY propose clarification of currency for various purposes on
underlyer ( listing, trading ) IY propose further addition and correction of MCA and MCA
Annex coding scheme values IY add AEJ 2009 Closed Market Changes proposal from JC for
FpML-4-7 IY add MEA II proposal from TA for FpML-4-7 This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of JPMorgan Chase & Co., its subsidiaries and affiliates. This transmission may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or use of the information contained herein (including any reliance thereon) is STRICTLY PROHIBITED. Although this transmission and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by JPMorgan Chase & Co., its subsidiaries and affiliates, as applicable, for any loss or damage arising in any way from its use. If you received this transmission in error, please immediately contact the sender and destroy the material in its entirety, whether in electronic or hard copy format. Thank you. Please refer to http://www.jpmorgan.com/pages/disclosures for disclosures relating to European legal entities. |