Re: FpML-IM-Custodian FpML IM custodian call - meeting minutes

[Cherie.Graham@xxxxxxx]

Hi Karel,

And I snuck in a few minutes late!

Thanks,
Cherie

Cherie A. Graham
Derivatives Product Group
Investor Services
Brown Brothers Harriman
40 Water Street
Boston, MA 02109
617-772-6683 
Cherie.Graham@xxxxxxx

"Reuter, Mark A" <mareuter@xxxxxxxxxxxxxxx>
Sent by: im-custodian@xxxxxxxx

07/11/2007 05:27 PM

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Subject	Re: FpML-IM-Custodian FpML IM custodian call - meeting minutes

One correction on my name......

Mark A. Reuter

I look forward to working with everyone.  Thanks.
Regards,

Mark
_________________________
Mark A. Reuter, Vice President
Product & Technology Solutions
State Street Corporation
(917) 790-4174
(617) 786-2105 fax
mareuter@xxxxxxxxxxxxxxx

-----Original Message-----
From: im-custodian@xxxxxxxx <im-custodian@xxxxxxxx>
To: im-custodian@xxxxxxxx <im-custodian@xxxxxxxx>
Sent: Wed Jul 11 17:16:00 2007
Subject: FpML-IM-Custodian FpML IM custodian call - meeting minutes

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 – State Street

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

 

 

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