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* Present BBH: CMcD DTCC: RM ISDA: CY, LL JPM: AP ( Chair ) MarkItSERV: TA, MK Omgeo: TB * Apologies ISDA: CA * Minutes Welcome to new group members CA and KD are studying MCA-Annex identification, and ISDA
commit to providing a canonical legal name for each MCA and MCA-Annex going forward, which will be
distributed in spreadsheet form. This will provide the basis for FpML reference data ( coding schemes ). This still leaves the issue of how best to represent current
MCA and MCA-Annex values. We will continue to use the "magic string" where a single string
expresses many dimensions ( publisher, original publication date, product, geographic zone, business relationship ) RM identifies the case of Var Swap, where one MCA-Annex
applies to many MCAs. We do not have a way to express and control such relationships. In the past, one MCA-Annex
would apply to only one MCA. We must now consider both document updates, and side letters ( implementation
letters ) ISDA EQD New Document Architecture should greatly improve
referencing of documentation from transactions compared to the current "Legacy Drafting" MCA and MCA-Annex
approach Regarding the consolidated feedback document
"TA20100108.doc" provided by TA 1. MCA / MCA Annex values and descriptions 2. Compounding date treatment in EU ( Client ) Index Swap.
Need to confirm selection of date complex type to support all required permutations of compounding 3. US ( Client ) Option. No structural changes 4. Component Security Index "CSI" Annex. Will
require new element, similar to Multiple Exchange "MEA" Annexes No update on ISDA legal drafting progress 13 Jan will likely be a key date for regulatory reforms in
US and Europe http://www.reuters.com/article/idUSN057016220100106 Group will continue to focus on FpML-4-x series to meet
Business and Regulatory requirements, no interest in FpML-5-x. MarkItSERV have not reviewed FpML-5-x. DTCC will use
spreadsheets for Reporting Group will resume regular bi-weekly meeting schedule * Decisions 1. We will use ISDA MCA and MCA-Annex canonical identifiers
for all future reference data ( coding scheme ) values 2. Adopt MCA and MCA-Annex values as per IY 2.1 MCA and MCA-Annex as per spreadsheet extract emailed to
group 14:18 Fri 08 Jan 2010 2.2 MCA-Annex value as per email to group 13:50 Fri 08 Jan
2010 2.2.1 we will not use the abbreviation "CIMSO" but
keep to the convention of words in upper camel case 3. Group will continue to focus on FpML-4-x to meet Business
and Regulatory requirements, no interest in FpML-5-x 4. Next meeting 14:00 LDN Fri 22 Jan 2010 * Actions TA consider structural impact of 4. Component Security Index
Annex AP review date complex type for usage in 2. Compounding date
treatment in EU Index ( Client ) Swap AP contact CA for update on ISDA Legal Drafting Book of Work AP send US ( Client ) Option draft to MK IY distribute spreadsheet from CA and KD of ISDA MCA and
MCA-Annex legal names to group on each revision IY add MCA and MCA-Annex values to coding schemes for each 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. |