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All, The next working group meeting is next
week Wednesday, August 1 at 11:00 a.m. NY time. I will circulate an
agenda later this week. Regards, Karel From: Karel Engelen 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 Reuter – Bob Green- DTCC Andrew Jacobs – BGI Ivan Djurkin – BGI Malene McMahon – Swift Marie-Paule Dumont – Swift Francoise Massin – Swift Cherie Graham - BBH 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 |