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Dial in details for the meeting tomorrow, Wednesday August 1
at 11:00 a.m.: Us: 888 481 3032 Non US: 617 801 9600 Code: 28413758 Agenda: -
regular meeting schedule –time
and frequency -
update on discussions with ISITC -
feedback on use of contract
notification messages -
processing of block trades Future agenda items: -
feedback on use of
contract notification messages -
processing of
block trades -
use of short form versus need of MCA
information -
payment information -
Other IM-custodian business
processes -
definition and treatment of
amendments, cancellations, corrections -
Pricing information flows between IM
- custodian and third party vendors -
Valuations and reconciliations
between IM-Custodian and third party vendors From: Karel Engelen 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 – Morgan 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 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 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 |