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Thank you all for your participation in the meeting today Attendees: Dan Eckert –Elliot Associates Fitnan Akahan – Morgna Stanley John Booth – Northern Trust Bradley Kuehn – Northern Trust Lucio Iida – BGI Mark Areuter – Bob Green- DTCC Andrew Jacobs – BGI Ivan Djurkin – BGI Malene McMahon – Swift Marie-Paule Dumont – Swift Francoise Massin – Swift Marc Gratacos – ISDA Karel Engelen – ISDA Minutes Karel gave an overview of the discussions leading to the formation
of the working group. The intended goals of the working group include a
decoupling of the standards discussions with regard to contract notification
from the Swift CUG working group. The FpML group however is potentially broader
both with regard to participants (not limited to CUG participants) as with regard
to the scope. The Swift CUG implementation requirements form one set of inputs with
regard to prioritization and is one of the areas to receive feedback from. Comments
received during the call for participation are that the scope should be
broadened to cover parties active in the IM –custodian world and their
processes (e.g. dealers and their interaction with IMs and custodians), rather
than only IM and custodians. Previous discussions with Steve Goswell – ISITC have indicated
a concern of overlap between the work and the participants in this group and the
ISITC OTC derivatives working group. Two distinctive features of the FpML
working group brought forward on the call today are the fact that FpML work (as
opposed to broader best practices work) only can happen in an FpML working
group and that FpML is better positioned to bring in or link into derivatives
expertise. Coordination with existing group like ISITC but also work that Swift
and DTCC are doing is important. The IM custodian working group is a subgroup of the business
process working group (BPWG - chaired by Marc Gratacos). The IM custodian working
group will have its own agenda and separate meetings but coordination needs to happen
with the agenda and priorities of the BPWG as this last one looks at business
processes across asset classes and impacting all potential FpML users. E.g. Discussion
on amendment and cancellation messages needs to happen in coordination with the
BPWG. Through the BPWG the IM-custodian working group links into the work
happening in the other FpML working groups. Karel and Malene will co-chair the initial set of meetings, with
a goal to transition to industry co-chairs for the group. Next steps: The group will reconvene in 2 weeks time. The goal of that
meeting will be to set a priority for the issues to cover and to further discuss
industry dependencies as well as to agree on a schedule of meetings and targets
for a period of 4 months. Some of the issues to potentially cover and prioritize: -
feedback on use of contract
notification messages -
processing of block trades -
definition and treatment of amendments,
cancellations, corrections -
use of short form versus need of MCA
information -
payment information -
other – please let us know. . If you have any questions, do not hesitate to contact Malene
( Malene.McMahon@xxxxxxxxx) and/or myself (kengelen@xxxxxxxx).
For groups discussions you can use the e-mail address above (im-custodian@xxxxxxxx). Regards, Karel 212 901 6012 |