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Hi
Karel/Malene
I would also recommend
that the IM-Custodian Working group should also cover the dependency
with the Pricing and risk management working group which would
focus on the below,
1. Pricing Information flow between IM- Custodian-
Pricing Vendors.
2. Frequent reconciliation btw IM-Custodian-Pricing
vendors, on the value of the swap.
3. IM/Custodian who would independantly price the
swap.
Thanks and
regards,
Bhargavi Hemanth
Business
Analyst
Wipro
Technologies
91-80-9980088904 From: im-custodian@xxxxxxxx [mailto:im-custodian@xxxxxxxx] On Behalf Of Karel Engelen Sent: Thursday, July 12, 2007 2:46 AM To: im-custodian@xxxxxxxx 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 – 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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